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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
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