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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
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