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