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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, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
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