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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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Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
Wednesday, 24 June 20
MARKET INSIGHT - INTERMODAL
The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive cons ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Planning Commission, India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
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