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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Parliament of New Zealand
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
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