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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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Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
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