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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
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