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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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Monday, 01 June 20
SUPRAMAX: IN SOUTH EAST ASIA RATES TRADED SIDEWAYS - BALTIC BRIEFING
Capesize
A sober end to the week, with the market seemingly ready for the weekend. After a steady week of rate declines a small flurry of Atlan ...
Friday, 29 May 20
COVID-19: COAL SUPPLY BY CIL TO POWER SECTOR DIPS 22% TO 32 MT IN APRIL DUE TO DEMAND SLUMP - PTI
Over 95% of CIL’s production comes from its 171 open cast mines.
The supply of coal to the power sector by state-owned Coal In ...
Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
Australia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations woul ...
Friday, 29 May 20
GOVT MAY LAUNCH COAL BLOCKS AUCTION PROCESS UNDER COMMERCIAL MINING ON JUN 11 - PTI
The Centre is likely to launch the process of coal blocks auction under commercial mining on June 11 and around 50 mines are expected to go under t ...
Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
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- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- The University of Queensland
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
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