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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Planning Commission, India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
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