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