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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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