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