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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- The University of Queensland
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
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