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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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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Australian Coal Association
- Energy Development Corp, Philippines
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
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