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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- McConnell Dowell - Australia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
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