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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- The University of Queensland
- MS Steel International - UAE
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Aditya Birla Group - India
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