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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, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
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- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- MS Steel International - UAE
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
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