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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Economic Council, Georgia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
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