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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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Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Aditya Birla Group - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- The University of Queensland
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Minerals Council of Australia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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