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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
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