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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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Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
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 ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Australian Coal Association
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
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