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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, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
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