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