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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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Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
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- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
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