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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, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- White Energy Company Limited
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
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