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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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Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
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- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- The University of Queensland
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
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