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