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