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