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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- The University of Queensland
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
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