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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, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
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- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Parliament of New Zealand
- Aditya Birla Group - India
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