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