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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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Thursday, 11 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
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- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- PTC India Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
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