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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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Thursday, 11 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 ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
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