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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, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
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