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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, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
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