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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, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
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