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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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Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
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Showing 171 to 175 news of total 6871 |
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- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
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