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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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Showing 176 to 180 news of total 6871 |
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- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
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