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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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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
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