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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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Wednesday, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Planning Commission, India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
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