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