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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
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