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