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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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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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- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Mercator Lines Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
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