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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
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