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Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
 Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnessing a huge shock from the spread of the COVID 19 in China. Almost all activities have frozen just a few days after the initial announcement from the Chinese government that the CNY will be postponed till February 10th. From that date till now there is a relative improvement on the work progress inside the shipyards but the main problems remain the same and the performance far behind the expected one.
The main challenges that Owners are experiencing in Chinese shipyards nowadays are delays for all kind of local products and spare parts, either from inland or overseas, which seriously affects delivery times. Repair personnel such as Owner’s representatives, service engineers and officers (i.e. commissioning engineers, specialists, flag and classification societies surveyors) either local or from overseas, are having a huge difficulty moving from their base to the vessel and vice versa. In addition to the above, shipyards are not working in full capacity yet, since workers’ “repatriation” after CNY is very time consuming given the two weeks quarantine time needed prior getting back to work. The positive speculation although, is that full harmonization will take place by mid of March. In addition, all statistics from last week show that the situation in China is now under control, with the new cases affected by the virus to be much reduced compared to the past weeks.
Outside China, there are massive bookings to shipyards in the surrounding region like Korea, Indonesia, Thailand, Philippines and Vietnam. A number of these shipyards were almost absent from the ship repair market for many years, have now revived their operations, while most of them are merely interested in opportunistic profits and not in building up long term relationships. Therefore, Owners in order to protect their interests are minimizing the repairs. Competent yards like those in Singapore were already nearly fully booked for the first half of the year before the virus appearance and therefore are unable to absorb the new wave of demand. There is also a relative increase on the workload for the rest shipyards worldwide, including shipyards in Arabian Gulf and Europe, but with few available slots still existing.
Surprisingly, there are some very few Owners, benefiting from the situation by slotting a ship for minimum scope in China during this period, ignoring the virus and getting the benefit of yards available facilities due to cancellations for simple works.
After the first half of the year, which will hopefully coincide with the time that China will get the virus eliminated, there will be another wave of ship repairs to fill again all the repair facilities. This peak is going to be even higher than the one before, considering also the massive postponements on the repairs given by flags and classification societies during the last 2 months.
Aside from the impact of the COVID 19, the “scrubber retrofit era” seems to be coming to an end with Greek Owners and big container companies planning to complete all retrofits after this summer.
By Vassilis Vassiliou
Ship-repair Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
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