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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
 While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The next year, 2023, is going to come with the pandemic being almost completely out of the picture. The effect of inflation on ship repair costs will start being harmonized and balanced after major corrections are made in all aspects throughout the year passed. The altered shipping routes and consequently the increased demand for ship repair facilities in some areas like Europe will finally find the yards ready for more projects. It is obvious that the mentality toward Green Technology adaption is more mature than ever before. We are expecting more projects and trends implementing environmentally friendly solutions and technology. And finally, the ballast water management system retrofit era is coming to an end, after more than a decade of discussions. But let us elaborate on some of the above to a bigger extent.
Closing this year, we noticed all respective costs related to materials procurement like steel, copper, and energy consuming works like grid and hydro blasting to be highly inflated. As a result, there was a big disruption in many big-scale projects on which basic cost derives from this kind of work and on projects prices of which were agreed a long time before.
Historically, the shipyard’s position during a heavily inflated market was always challenging. Shipyard on the one side has to manage the continuously increasing cost from the supplier’s side and on the other hand to manage the expectation of the Shipping Companies for stable fixed prices with contracts agreed much ahead of vessel’s arrival to the yard.
Moving to the next topic, nowadays, apart from the ongoing environmental regulatory framework, there is an increased tendency shipyards worldwide to adapt more environmentally friendly procedures and methods regarding the disposal of used / hazardous materials and ship repair techniques. Widely known is the complete transformation some yards have penciled from grid-blasting to hydro or slurry blasting for controlling or eliminating the grid dust. The result of the yards implementing green solutions is repair cost and time increment. Unfair competition is obviously a common result between those greener shipyards with those able to maintain old regime methods.
Another environmental trend reviving is the scrubber retrofit. There are already some orders in place for more scrubber retrofits, after a totally slack year on scrubbers. As we have seen in the past, the interest could escalate fast creating a second wave for scrubber retrofits. It only takes a few major shipping companies to declare supporters of such retrofits. On the other hand, shipyards and scrubber makers are now ready to absorb a sudden demand and therefore we do not expect similar to the past shipyard’s clogging.
With regards to shipyards’ workload for the next year to come, we expect all yards in Europe, Med, and the Black Sea to remain ultra-busy. Yards in the area will try to control their costs and profit margin by being selective on the awarded projects. This will be a good opportunity for new entries to try to be established and share a bigger portion of the repair business. Moving toward to the Far East, some first-class shipyards will start getting busy again with specialized projects since offshore business is back in action. China is planning a long time now to fully re-open. We expect that to be materialized soon after CNY.
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The next year, 2023, is going to come with the pandemic being almost completely out of the picture. The effect of inflation on ship repair costs will start being harmonized and balanced after major corrections are made in all aspects throughout the year passed. The altered shipping routes and consequently the increased demand for ship repair facilities in some areas like Europe will finally find the yards ready for more projects. It is obvious that the mentality toward Green Technology adaption is more mature than ever before. We are expecting more projects and trends implementing environmentally friendly solutions and technology. And finally, the ballast water management system retrofit era is coming to an end, after more than a decade of discussions. But let us elaborate on some of the above to a bigger extent.
Closing this year, we noticed all respective costs related to materials procurement like steel, copper, and energy consuming works like grid and hydro blasting to be highly inflated. As a result, there was a big disruption in many big-scale projects on which basic cost derives from this kind of work and on projects prices of which were agreed a long time before.
Historically, the shipyard’s position during a heavily inflated market was always challenging. Shipyard on the one side has to manage the continuously increasing cost from the supplier’s side and on the other hand to manage the expectation of the Shipping Companies for stable fixed prices with contracts agreed much ahead of vessel’s arrival to the yard.
Moving to the next topic, nowadays, apart from the ongoing environmental regulatory framework, there is an increased tendency shipyards worldwide to adapt more environmentally friendly procedures and methods regarding the disposal of used / hazardous materials and ship repair techniques. Widely known is the complete transformation some yards have penciled from grid-blasting to hydro or slurry blasting for controlling or eliminating the grid dust. The result of the yards implementing green solutions is repair cost and time increment. Unfair competition is obviously a common result between those greener shipyards with those able to maintain old regime methods.
Another environmental trend reviving is the scrubber retrofit. There are already some orders in place for more scrubber retrofits, after a totally slack year on scrubbers. As we have seen in the past, the interest could escalate fast creating a second wave for scrubber retrofits. It only takes a few major shipping companies to declare supporters of such retrofits. On the other hand, shipyards and scrubber makers are now ready to absorb a sudden demand and therefore we do not expect similar to the past shipyard’s clogging.
With regards to shipyards’ workload for the next year to come, we expect all yards in Europe, Med, and the Black Sea to remain ultra-busy. Yards in the area will try to control their costs and profit margin by being selective on the awarded projects. This will be a good opportunity for new entries to try to be established and share a bigger portion of the repair business. Moving toward to the Far East, some first-class shipyards will start getting busy again with specialized projects since offshore business is back in action. China is planning a long time now to fully re-open. We expect that to be materialized soon after CNY.
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 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- The University of Queensland
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
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