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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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Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Minerals Council of Australia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
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