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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, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
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- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Parliament of New Zealand
- MS Steel International - UAE
- London Commodity Brokers - England
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
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