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