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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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Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
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