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