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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
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