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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
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