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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Planning Commission, India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
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