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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, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- The University of Queensland
- Edison Trading Spa - Italy
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
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