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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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Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
Tuesday, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
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- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Indian Energy Exchange, India
- PTC India Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
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