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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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Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
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- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
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