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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, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
Wednesday, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
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- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- The University of Queensland
- GMR Energy Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
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