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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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Friday, 06 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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Parliament of New Zealand
- ICICI Bank Limited - India
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