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