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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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Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
Monday, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
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- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
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