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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, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
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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- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
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