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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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Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
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- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
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