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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, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
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- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
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