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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, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Latin American Coal - Colombia
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- Chamber of Mines of South Africa
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- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
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- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
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- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
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- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Eastern Coal Council - USA
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- Electricity Authority, New Zealand
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- Kohat Cement Company Ltd. - Pakistan
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- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
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- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
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- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
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- Jorong Barutama Greston.PT - Indonesia
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- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
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- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Planning Commission, India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
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- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
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- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
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- Ministry of Transport, Egypt
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- Holcim Trading Pte Ltd - Singapore
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- Electricity Generating Authority of Thailand
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- Kaltim Prima Coal - Indonesia
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- Kideco Jaya Agung - Indonesia
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- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
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- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
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- SMG Consultants - Indonesia
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- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
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