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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
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