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