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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
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