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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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- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Australian Coal Association
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
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