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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
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