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