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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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Wednesday, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
COALspot.com: The Indonesia Coal Price Reference ...
Tuesday, 01 September 20
WHY INDIA CAN'T MATCH THE GULF REGION'S RECORD-LOW SOLAR TARIFFS - IEEFA
5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
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- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- The University of Queensland
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
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