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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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Tuesday, 23 June 20
COVID-19 COULD CAUSE A BOOM IN COAL POWER - RYSTAD ENERGY | OILPRICE
COVID-19 has not only impacted the energy industry’s revenues but also its infrastructure development.
The delay of new natural gas ...
Tuesday, 23 June 20
CHINA'S COAL OUTPUT UP 0.9 PCT IN JANUARY-MAY: XINHUA
Output of raw coal in China rose 0.9 percent year on year to 1.47 billion tonnes in the first five months of this year, official data showed.
& ...
Monday, 22 June 20
KAMSARMAX TYPES REGULARLY HIT THE $9,000 PER DAY LEVEL FOR INDONESIAN COAL RUN TO CHINA, BALTIC BRIEFING SAYS
Capesize
The Capesize market trajectory this week has been one of the steepest rallies the sector has experienced. Opening at $12,410, the sect ...
Saturday, 20 June 20
WORLD OIL DEMAND IS PROJECTED TO DECREASE BY 9.1 MB/D IN 2020 - OPEC
Crude Oil Price Movements
Spot crude oil prices rebounded in May from low levels registered a month earlier, as physical market fundamentals im ...
Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
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- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- The University of Queensland
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
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