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