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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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Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
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