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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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Wednesday, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
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- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- The University of Queensland
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
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