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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
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