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