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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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Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Dalmia Cement Bharat India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
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