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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Bhatia International Limited - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
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