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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, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
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