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