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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
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