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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, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
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- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- The University of Queensland
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- VISA Power Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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