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