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