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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- PTC India Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
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