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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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- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- PTC India Limited - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
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