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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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Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
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