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