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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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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- White Energy Company Limited
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