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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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Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
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- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
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