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Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
 It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repair sector. At that time, in February 2020, COVID existed only in China, where almost all ship repair activities were frozen, just a few days after the first announcement from the Chinese government that the CNY will be postponed till 10th of February. From that day till today, the sector has been challenged in many ways, with different locations being affected every time and in various extents.
The virus spread flow, when was causing a lock-down in one region, the same time was overfilling with massive bookings for ship repairs these regions which were still able to offer such services. Initially, when China was isolated, both Singapore and Arabian Gulf faced a massive demand for drydock slots, which was much greater than what they were able to accommodate. A few weeks later, European and Turkish shipyards seized operations and China has slowly resumed its activities. Nowadays, while China has almost fully recovered from the shortage of the manpower, Singapore and Arabian Gulf are underperforming.
Owners throughout this period have left with fewer options for drydocking their fleet while at the same time must overcome some commonly found difficulties as described below. Due to the travel restrictions, worldwide, Owners do have the only option to attend remotely their ship drydocking. Repairs are being carried out with local superintendents, which are not familiar with Company’s operating norms, while control on the projects is slack with decision making very slow. In addition, by having only a few options from yards under operation, Owners have to eventually select a yard which is usually heavily loaded and, in some cases, do not match ideally to the project in terms of cost, quality or location. A major problem during this time is the uncertainty of the situation during the planning phase. While for many projects, yard’s selection process is correct, when the vessel is arriving to the yard, the criteria may change, and new challenges need to be overcome. Last, source of local service engineers and unnecessary delays in delivery of spare parts are also a common problem to handle. An example describing the extent of the later one, in China, since oversees UTM engineers cannot travel; there is a severe shortage on local UTM companies forcing the competition against the ship Owners.
The greatest challenge is for specialized non-conventional vessels, being repaired in certain areas, where during certain lockdowns, Owners are left with no other options for carrying out their repairs.
Important to mention that COVID outbreak which has resulted to a severe drop in oil prices, has also narrow the price spread between high and low Sulphur heavy fuel oil. This has brought all future scrubber retrofit projects under a big question mark.
While considering the above, leaving ahead the second half of the year which will hopefully coincide with the time when the world will get the virus under control, it is expected to have another wave of ship repairs to fill again most of the yards. This peak is going to be extremely high considering the massive postponements on the repairs during the last 6 months.
By Vassilis Vassiliou
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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
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- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
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