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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, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
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- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- The University of Queensland
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Planning Commission, India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
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