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