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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
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