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