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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
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