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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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Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
Wednesday, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
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- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
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