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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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Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
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- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- The University of Queensland
- Mintek Dendrill Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
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