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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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Friday, 06 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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- White Energy Company Limited
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
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