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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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Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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Showing 231 to 235 news of total 6871 |
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- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
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