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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Parliament of New Zealand
- The University of Queensland
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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