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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- PTC India Limited - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
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