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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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Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
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