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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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Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
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- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
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