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