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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.
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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
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