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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Vedanta Resources Plc - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
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