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