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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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Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
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