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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Australian Coal Association
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- The University of Queensland
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
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