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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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Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
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