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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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Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Planning Commission, India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
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