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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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Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- Indian Energy Exchange, India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- White Energy Company Limited
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
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