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