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