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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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Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
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- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- White Energy Company Limited
- Planning Commission, India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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