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