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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- The University of Queensland
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
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