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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Planning Commission, India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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