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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- The University of Queensland
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
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