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Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
 The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via which shipowners can start approaching the future IMO targets. In 2018, the Marine Environmental Protection Committee adopted a greenhouse gas (GHG) emissions reduction strategy entailing (among others): reduction of CO2 emissions by at least 40% by 2030 and by at least 50% by 2050, compared to 2008 levels. Earlier this month, the 4th IMO GHG study forecasted that shipping emissions are due to increase by approximately 50% till 2050! This will undoubtedly speed up the need for effective GHG mitigation techniques in the maritime industry. It can be argued that realistic attainment of the IMO 2050 target will likely need to encompass a combination of market-based, technological, logistical and ship finance measures. Propulsion methods such as LNG and ammonia currently offer high yet expensive CO2 mitigation potentials. On the other hand, a bunker levy could offer a directly implementable and R&D cost-free approach towards the IMO targets.
A bunker levy may be implemented by a direct carbon tax or an emission trading scheme (ETS). The latter is less desirable since it can only absorb (40-75)% of emissions captured by a current respective bunker levy. Carbon neutral fuels would set a zero-levy baseline; the levy could be increased with increasing carbon footprint of fuels. This method would require a tax per ton of CO2 ($/CO2) emission equivalent (as an industry benchmark). The three current levy implementation strategies proposed in 2019 by the Technical University of Denmark led by Dr. Harilaos Psaraftis include low, medium and high levy intensity strategies.
A horizontal IMO-imposed levy could be enacted on a gradual basis starting from 2023-24 to account for the current newbuilding orders placed. Current IFO price is at around $280/ton, therefore a carbon levy of $75/ton (even at a [15-25]% initial implementation) would increase fuel costs by approximately [5-7]%. Alternatively, a greater than 70% levy imposition by 2030 could be overly aggressive as it would require the timely development of GHG reduction technologies to avoid the shifting of costs from shipowners to end consumers. This is because total annual costs to the shipping industry would exceed $65 billion (computed based on BP’s Statistical Energy Review & Outlook, 2019). The revenue stream distribution of the carbon levy would have to be carefully allocated by the IMO. Arguably, a significant proportion of the funds would have to be used to finance greener shipbuilding methods (inclusive of R&D required) and end-products (vessels). The policy could also incentivize investment in eco-friendly vessel newbuildings by providing lower carbon taxation rates on vessels with better Energy Efficiency Design Indices (EEDIs).
In conclusion, an industry-wide carbon levy may be an efficient approach towards carbon neutrality in shipping due to its direct implement-ability and cost-effectiveness. Regardless of the method(s) employed, successful and feasible GHG mitigation would need to impact all shipowners fairly; this could be accomplished by accurate assessment of each vessel’s carbon footprint. Achieving the IMO 2050 target will require sound collaboration among regulators, industry players and research and financial institutions which could in turn result in the much anticipated and needed re-designing of the international seaborne landscape.
By Dionysis Kourouniotis
Research & Valuations Department
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Aditya Birla Group - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
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