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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
 Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling the repair market and not letting it to stabilize. As we have seen in similar situations, any disruption on the ship repair market has an immediate effect to shipyard’s available slots, costs, and repair time.
Taking into consideration also the elevated dry bulk freight market, the pressure of the shipping companies to perform is tremendous. Therefore, they are trying to control the ship repairs to the maximum extent possible, to avoid pit holes and last moment changes. A task which is almost impossible following the changing dynamics of COVID.
One of the greatest disruptions we experienced in the ship repair sector lately was the regulations adapted by the shipyards in Zhoushan area in China. A sudden decision caused mainly due to the outbreak of the Delta variant of COVID in India. From end May till beginning July, all the yards located to Zhoushan area adapted so strict regulations which practically have rejected without prior notice most of the vessels already fixed to enter the yards for scheduled repairs. This reaction, apart from great inconvenience and losses caused to the Owners, resulted in vessels staying idle for a couple of days waiting for decisions, vessels deviating, in order to reschedule their repairs and ultimately created a very high demand and consequently overbooking on the rest of the shipyards in China with more relaxed measures.
This is only a fraction of the last-minute regulations we encountered this year, but is a very good example to evaluate the consequences they have in the ship repair market. On the one hand, we have a severe waste of vessel’s operational time for Owner’s side and waste of resources and manpower for the yard’s side. And on the other hand, we have a competitive disadvantage for the yards in specific areas and on the same time a huge demand to the yards in areas with looser regulations. This is a phenomenon we go through very often during the COVID era and has indisputably damaged a lot of entities being on the wrong side.
Trying also to dig out a positive impact of COVID. Besides the facts and the day-to-day challenges shipowners and shipyards are facing, both are now more matured from the pandemic. We have noticed a deep cultural change on the working pattern, crisis management and decision making. Both Owners and Shipyards are prepared for random changes and sudden problems to all directions. With different principals in place, all Owners have built up their resilience to new changes and they are ready to find amicable solutions to promote their businesses no matter how tough the problem to overcome is.
Apart from COVID, it’s been almost 2 years from the first massive wave of scrubber retrofits. Now we do have a complete picture of the scrubber installation problems which now have sufficient time in operation. Corrosion on the overboard pipe for example is a very common defect we met in most of the retrofits. Those systems will add some routine inspections and works to be done on the forthcoming scheduled dockings of those vessels.
Finally, trying to speculate the impact on the ship repair sector of the latest MEPC 76 session carried out and particularly the reduction of GHG Emissions from shipping, we believe there is no effect on the ship repair sector for the time being and we will not see the need of new retrofits and modifications which will affect the repair yards on the existing fleet very soon.
By Vassilis Vassiliou,
Interyards
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Australian Coal Association
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
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