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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Planning Commission, India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
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