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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Australian Coal Association
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- The University of Queensland
- Chamber of Mines of South Africa
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