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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
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