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