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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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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Australian Coal Association
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
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