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