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