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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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Wednesday, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
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- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
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