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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- PTC India Limited - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
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