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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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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
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