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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
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