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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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Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Indian Oil Corporation Limited
- Planning Commission, India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- The University of Queensland
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
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