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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- The University of Queensland
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
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