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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
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