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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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Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
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- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Australian Coal Association
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
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