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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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Wednesday, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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