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