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