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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
 Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling the repair market and not letting it to stabilize. As we have seen in similar situations, any disruption on the ship repair market has an immediate effect to shipyard’s available slots, costs, and repair time.
Taking into consideration also the elevated dry bulk freight market, the pressure of the shipping companies to perform is tremendous. Therefore, they are trying to control the ship repairs to the maximum extent possible, to avoid pit holes and last moment changes. A task which is almost impossible following the changing dynamics of COVID.
One of the greatest disruptions we experienced in the ship repair sector lately was the regulations adapted by the shipyards in Zhoushan area in China. A sudden decision caused mainly due to the outbreak of the Delta variant of COVID in India. From end May till beginning July, all the yards located to Zhoushan area adapted so strict regulations which practically have rejected without prior notice most of the vessels already fixed to enter the yards for scheduled repairs. This reaction, apart from great inconvenience and losses caused to the Owners, resulted in vessels staying idle for a couple of days waiting for decisions, vessels deviating, in order to reschedule their repairs and ultimately created a very high demand and consequently overbooking on the rest of the shipyards in China with more relaxed measures.
This is only a fraction of the last-minute regulations we encountered this year, but is a very good example to evaluate the consequences they have in the ship repair market. On the one hand, we have a severe waste of vessel’s operational time for Owner’s side and waste of resources and manpower for the yard’s side. And on the other hand, we have a competitive disadvantage for the yards in specific areas and on the same time a huge demand to the yards in areas with looser regulations. This is a phenomenon we go through very often during the COVID era and has indisputably damaged a lot of entities being on the wrong side.
Trying also to dig out a positive impact of COVID. Besides the facts and the day-to-day challenges shipowners and shipyards are facing, both are now more matured from the pandemic. We have noticed a deep cultural change on the working pattern, crisis management and decision making. Both Owners and Shipyards are prepared for random changes and sudden problems to all directions. With different principals in place, all Owners have built up their resilience to new changes and they are ready to find amicable solutions to promote their businesses no matter how tough the problem to overcome is.
Apart from COVID, it’s been almost 2 years from the first massive wave of scrubber retrofits. Now we do have a complete picture of the scrubber installation problems which now have sufficient time in operation. Corrosion on the overboard pipe for example is a very common defect we met in most of the retrofits. Those systems will add some routine inspections and works to be done on the forthcoming scheduled dockings of those vessels.
Finally, trying to speculate the impact on the ship repair sector of the latest MEPC 76 session carried out and particularly the reduction of GHG Emissions from shipping, we believe there is no effect on the ship repair sector for the time being and we will not see the need of new retrofits and modifications which will affect the repair yards on the existing fleet very soon.
By Vassilis Vassiliou,
Interyards
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
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