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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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Thursday, 11 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
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- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Minerals Council of Australia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
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