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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, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
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- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
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