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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Planning Commission, India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
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