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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
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