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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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Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
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