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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, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
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- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Marubeni Corporation - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
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