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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, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
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