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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Australian Coal Association
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
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