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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
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