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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, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- The University of Queensland
- Marubeni Corporation - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
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