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Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
 It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repair sector. At that time, in February 2020, COVID existed only in China, where almost all ship repair activities were frozen, just a few days after the first announcement from the Chinese government that the CNY will be postponed till 10th of February. From that day till today, the sector has been challenged in many ways, with different locations being affected every time and in various extents.
The virus spread flow, when was causing a lock-down in one region, the same time was overfilling with massive bookings for ship repairs these regions which were still able to offer such services. Initially, when China was isolated, both Singapore and Arabian Gulf faced a massive demand for drydock slots, which was much greater than what they were able to accommodate. A few weeks later, European and Turkish shipyards seized operations and China has slowly resumed its activities. Nowadays, while China has almost fully recovered from the shortage of the manpower, Singapore and Arabian Gulf are underperforming.
Owners throughout this period have left with fewer options for drydocking their fleet while at the same time must overcome some commonly found difficulties as described below. Due to the travel restrictions, worldwide, Owners do have the only option to attend remotely their ship drydocking. Repairs are being carried out with local superintendents, which are not familiar with Company’s operating norms, while control on the projects is slack with decision making very slow. In addition, by having only a few options from yards under operation, Owners have to eventually select a yard which is usually heavily loaded and, in some cases, do not match ideally to the project in terms of cost, quality or location. A major problem during this time is the uncertainty of the situation during the planning phase. While for many projects, yard’s selection process is correct, when the vessel is arriving to the yard, the criteria may change, and new challenges need to be overcome. Last, source of local service engineers and unnecessary delays in delivery of spare parts are also a common problem to handle. An example describing the extent of the later one, in China, since oversees UTM engineers cannot travel; there is a severe shortage on local UTM companies forcing the competition against the ship Owners.
The greatest challenge is for specialized non-conventional vessels, being repaired in certain areas, where during certain lockdowns, Owners are left with no other options for carrying out their repairs.
Important to mention that COVID outbreak which has resulted to a severe drop in oil prices, has also narrow the price spread between high and low Sulphur heavy fuel oil. This has brought all future scrubber retrofit projects under a big question mark.
While considering the above, leaving ahead the second half of the year which will hopefully coincide with the time when the world will get the virus under control, it is expected to have another wave of ship repairs to fill again most of the yards. This peak is going to be extremely high considering the massive postponements on the repairs during the last 6 months.
By Vassilis Vassiliou
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Parliament of New Zealand
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