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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Petron Corporation, Philippines
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