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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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Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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Showing 226 to 230 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
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