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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
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