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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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Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
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- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
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