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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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Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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