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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
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