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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
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 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 ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- White Energy Company Limited
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
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