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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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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- MS Steel International - UAE
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