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