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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, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
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