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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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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
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