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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, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
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- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
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