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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Australian Coal Association
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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