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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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- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
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