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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Australian Coal Association
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
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