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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- The University of Queensland
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
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