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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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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Planning Commission, India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
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