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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, 02 September 20
MARKET INSIGHT - INTERMODAL
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Wednesday, 02 September 20
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Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
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- Malabar Cements Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
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