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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- PTC India Limited - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
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