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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, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
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- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Anglo American - United Kingdom
- VISA Power Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
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