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