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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
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