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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, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- The University of Queensland
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
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