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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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Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
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- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
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