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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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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- The University of Queensland
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
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