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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Edison Trading Spa - Italy
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Independent Power Producers Association of India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
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