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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, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
COALspot.com: The Indonesia Coal Price Reference ...
Tuesday, 01 September 20
WHY INDIA CAN'T MATCH THE GULF REGION'S RECORD-LOW SOLAR TARIFFS - IEEFA
5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
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- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
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