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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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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Thai Mozambique Logistica
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Eastern Coal Council - USA
- White Energy Company Limited
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Wilmar Investment Holdings
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