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