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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, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- Georgia Ports Authority, United States
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- White Energy Company Limited
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
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