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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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Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Parliament of New Zealand
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
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