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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, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
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- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
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