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