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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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- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
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