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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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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- The University of Queensland
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
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