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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
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