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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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Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
Thursday, 04 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 ...
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- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- White Energy Company Limited
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Australian Coal Association
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
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