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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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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Australian Coal Association
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
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