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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
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- Independent Power Producers Association of India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Planning Commission, India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
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