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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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Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
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- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
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