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