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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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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Australian Coal Association
- Posco Energy - South Korea
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Central Electricity Authority - India
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