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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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
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- Economic Council, Georgia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
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