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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, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- The University of Queensland
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
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