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