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