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