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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- CNBM International Corporation - China
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
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