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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, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
Tuesday, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
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- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Australian Coal Association
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
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