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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
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
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