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Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
 IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principles are just a handful pieces of evidence that the environmental regulations are not only knocking on the door, but are already inside the shipping house and with the intention to stay for good.
Ship operators and managers, charterers, ship financiers must take good consideration of all the above before making any operational and investment decision; including placing an order for a new-building vessel, which has become the most complex decision to make, given all the new regulations and technologies coming up.
In this radically changing environment, ship financiers need to assist the industry to bear the burden of the enormous cost of the new regulations/technologies and in general the setting up of the new greener landscape. So far, and while claiming that they will incentivize international shipping’s decarbonization, the focus in the immediate future is to finance solely modern/ecofriendly vessels, while older vessels’ access to financing which would need it the most for their environmentally upgrade is constrained by leading banks and left to alternative financing. This bifurcation in lending constitutes an obstacle for ships that don’t already have green credentials to take significant investment steps towards the energy transition requirements.
Obviously, banks are afraid of being left with portfolios of assets that in 3-4 years’ time have a minimum value (being non green assets). On top of this, there is the concern that a two-tier assets market might develop when the new regulations kick in. The one tier being this of the greener ships and the second one being the tier with the older, non-eco ones that may be employed at a discount. This places another risk factor for the banks. The risk of their financing projects not being profitable anymore. In this context, older ships seem to be left with the operational choice of reducing engine power and thus lower speeds as a primary measure to be “emissions compliant”. While the choice split on the speed level between the shipowner and the charterer will largely depend on the prevailing freight market structure i.e. voyages or timecharters that older vessels will be opted to be deployed under, the sure thing is that they will all try to take advantage of it and negotiate the fixing rates.
Will this be the case? Will we have another scrubber – non scrubber dilemma going forward? Will the new regulations, emissions mitigation costs via carbon prices / potential fuel levies, limited financing options (or expensive options through alternative financing) and lesser charter rates increase scrapping considerations in 2-3 years time, given that approx. 23% of the combined bulk tankers and containers fleet is above 15 years of age? Does the market have the luxury of losing even a fraction of this via scrapping considering the freight market upcycle across most shipping sectors leads to increased deadweight requirements? Let’s just have a look at what’s happening nowadays due to elevated port congestion, which has tied up a significant share of the dry bulk and containers fleet creating market inefficiencies that have exercised strong upward pressures on freight rates with container rates at record high levels and dry bulk freight rates at the highest in 13 years.
Therefore, a further fleet supply squeeze creates good chances that younger vessels will benefit from a charter premium compared to their older peers. However, this that does not mean that older vessels will become obsolete. This is something that the banks need to realise and start supporting their clients when it comes to ‘’older’’ vessels’ financings. It goes without saying that the whole shipping value chain needs to adjust to the new greener environment regime. The banks need to support this new and highly expensive venture of their clients not just by not financing older vessels, but also providing real, monetary incentives that will have tangible and meaningful effect to their daily operating costs.
By George Laios,
Deputy CEO
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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- The University of Queensland
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
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