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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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Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
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- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- PTC India Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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