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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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Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
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- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Australian Coal Association
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
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