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