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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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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- MS Steel International - UAE
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
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