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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
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