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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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Wednesday, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
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- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- PTC India Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
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