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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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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Minerals Council of Australia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
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