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