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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, 23 June 20
COVID-19 COULD CAUSE A BOOM IN COAL POWER - RYSTAD ENERGY | OILPRICE
COVID-19 has not only impacted the energy industry’s revenues but also its infrastructure development.
The delay of new natural gas ...
Tuesday, 23 June 20
CHINA'S COAL OUTPUT UP 0.9 PCT IN JANUARY-MAY: XINHUA
Output of raw coal in China rose 0.9 percent year on year to 1.47 billion tonnes in the first five months of this year, official data showed.
& ...
Monday, 22 June 20
KAMSARMAX TYPES REGULARLY HIT THE $9,000 PER DAY LEVEL FOR INDONESIAN COAL RUN TO CHINA, BALTIC BRIEFING SAYS
Capesize
The Capesize market trajectory this week has been one of the steepest rallies the sector has experienced. Opening at $12,410, the sect ...
Saturday, 20 June 20
WORLD OIL DEMAND IS PROJECTED TO DECREASE BY 9.1 MB/D IN 2020 - OPEC
Crude Oil Price Movements
Spot crude oil prices rebounded in May from low levels registered a month earlier, as physical market fundamentals im ...
Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
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- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- The University of Queensland
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- PTC India Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
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