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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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Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
Monday, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
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- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- White Energy Company Limited
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
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