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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
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