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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- The University of Queensland
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
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