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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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Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
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- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Australian Coal Association
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
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