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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
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