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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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Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
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Showing 171 to 175 news of total 6871 |
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- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- White Energy Company Limited
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Marubeni Corporation - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
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