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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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Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
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