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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, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
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- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Planning Commission, India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
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