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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Planning Commission, India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
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