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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
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