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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, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
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- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- The University of Queensland
- White Energy Company Limited
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Planning Commission, India
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