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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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Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
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