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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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
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