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