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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
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