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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, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- The University of Queensland
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Australian Coal Association
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
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