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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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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
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