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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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Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- White Energy Company Limited
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Australian Coal Association
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
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