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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
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