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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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Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
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