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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
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