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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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Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
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