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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
 A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up to $370 million a year, marking another blow for maritime companies already hit by fallout from the coronavirus.
The Panama Canal, one of world’s busiest shipping routes, which handled nearly 14,000 transits last year, said last month it would introduce a charge from Feb. 15 of $10,000 for any vessel more than 125 feet long.
The canal, which relies on water from nearby Gatun Lake, has been hit by drought which affects water levels in the chokepoint. The Panama Canal authority also said it would bring in a variable surcharge based on the level of Gatun Lake to ensure the canal has enough water.
The authority said the charges were a consequence of a lack of rainfall and said this was a short-term measure needed to tackle the impact of climate change.
The International Chamber of Shipping (ICS), which represents more than 80% of the global merchant fleet, said on Thursday it was surprised by the charge after working with the canal authority on a separate increase in tolls which is due to come into effect in April.
“The industry is currently facing increased price pressures globally, as demand has been hit hard by the coronavirus and markets are adjusting to the new regulations on sulphur levels,” ICS secretary general Guy Platten said, referring to new rules requiring ships to use cleaner fuel.
The coronavirus epidemic has upended supply chains and already disrupted shipping across the world leading to commercial losses for certain types of shipping, including container lines.
The industry is also having to pay billions of dollars in extra fuel costs due to the tough new sulphur emissions rules that started in January.
Platten said the global shipping sector was already operating “on the slimmest of margins”.
“ICS calculates that at current water levels the ‘freshwater charge’ alone could cost global shipping $230 million. In a worst case scenario this could be as high as $370 million per year,” he said.
“Cost hikes in this range, without sufficient warning, places undue pressure on the industry at a sensitive time when we are being asked to invest in a low emissions future,” Platten said. He urged the canal authority “to rethink the hasty introduction”.
Canal officials were not immediately available for comment.
A study last month estimated at least $1 trillion of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050.
Source: Reuters (Additional reporting by Elida Moreno in Panama City and Diego Ore in Mexico City. Editing by Jane Merriman)
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
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