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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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Planning Commission, India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
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