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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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Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
Wednesday, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
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- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Planning Commission, India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
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