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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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Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- GMR Energy Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
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