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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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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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- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- The University of Queensland
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
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