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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, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
Tuesday, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
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- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Posco Energy - South Korea
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
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