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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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Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
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- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- White Energy Company Limited
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Australian Coal Association
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
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