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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Australian Coal Association
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
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