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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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Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
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