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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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Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
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- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
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