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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
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