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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, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
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- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
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