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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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Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
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- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
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