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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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Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
Wednesday, 24 June 20
MARKET INSIGHT - INTERMODAL
The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive cons ...
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- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- PTC India Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Planning Commission, India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Marubeni Corporation - India
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