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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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- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Australian Coal Association
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
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