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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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Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
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- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
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