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