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