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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.
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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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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