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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
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