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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, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Planning Commission, India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
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