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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
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