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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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Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
Wednesday, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- PTC India Limited - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- The University of Queensland
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
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