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