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