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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
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