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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rates and encourage longer haul journeys in the coming months. Despite a voyage time of 45 days compared with 15 from Australia, China's coking coal imports from the U.S. rose 4,800 percent in January-May 2010 from the same period last year and 85 percent from Canada, official Chinese import data shows. "This is a trade that did not exist in this quantity a year ago," Derek Langston, a director with SSY Consultancy and Research, said. North American producers able to sell their coal as either thermal or coking coal have switched their marketing efforts to China, away from the slumping domestic and European markets.
"This year the Chinese market had the capacity to start taking the high-sulphur metallurgical coal that the usual buyers weren't taking," a major U.S. coal trader said.
"Now the high-sulphur thermal coal, which used to go to European power plants, is moving to China from Baltimore as coking coal. Practically half the year is gone and there have been very few sales to Europe." Coal with a sulphur content of 1.5-2 percent which was traditionally sold to European utilities has become acceptable this year to Chinese power and steel end-users, traders said.
High-energy U.S. steam coal used for blending with coking coal is trading at 900-1,000 yuan/tonne CIF, a Beijing trader said. Shipping analysts say growth in U.S. coal exports to Asia could help bolster rates especially for smaller panamax vessels.
"The increase in shipments from the U.S east coast to Far East Asia is one very good example of how the panamax fleet is being used less efficiently than it was last year and such inefficiency is supportive of rates," SSY's Langston said. Average earnings for panamaxes in the year to date have reached around $30,500 per day from $19,300 for the whole of 2009.
"If thermal coal exports from the U.S. west coast to Asia ultimately find a steady place in the market, freight rates will likely receive additional support due to the long-haul nature of these exports," Jeffrey Landsberg, senior analyst with dry bulk consultants Commodore Research, said.
China Imports Surge
China has been the salvation of coal producers since last October when thermal and coking coal imports began to surge. American producers have been quick to focus on the Chinese market where they can get over $200 a tonne for coking coal - a healthy margin against cash costs of $80 per tonne.
China's official customs figures show a huge rise in North American imports during 2010 with coking coal from the U.S. and Canada together accounting for 2.7 million tonnes out of total imports of 19 million tonnes in Jan-May. U.S. metallurgical coal exports are likely to be in excess of 50 million tonnes in 2010, up from around 38 million in 2008, according to the U.S. National Mining Association.
Consol , the U.S.'s largest producer of bituminous coal, is actively chasing Chinese business, coal players say. "It's extremely profitable for Consol which has sold its high-sulphur thermal coal at more than $150 a tonne to China - more than twice what it could get in Europe at netback prices to API2," the U.S. coal trader said.
Producers such as Consol would make a loss of at least $10 a tonne if they tried to sell into Europe at current CIF ARA or API2 prices of $90 a tonne, utilities and traders said. This leaves American producers dependent upon the domestic market and Asia.
Canada has also seized the opportunity offered by China's continued steel boom. Around 2 million tonnes of Canadian coal including 1.2 million of coking coal went to China in Jan-May, a rise of 90 percent from last year. The majority of shipments from the U.S. to Asia have been using panamax vessels, which have a capacity of around 60,000 and 80,000 deadweight tonnes (dwt).
Coal capesizes, the largest class of dry bulk vessels with a capacity above 100,000 dwt, have been used to a lesser extent due to loading restrictions at East Coast U.S terminals. During the past two months capesize cargoes have partly loaded in the U.S. and then filled up at Canadian ports.
Around 500,000 tonnes of coking coal each from the U.S. and Canada were shipped to China in May alone, import figures show.
"The fully laden capesize vessels will then be able to sail to Asia and deliver full cargoes, allowing Asian coking coal importers to take greater advantage of economies of scale," Commodore's Landsberg said.
"This development will likely increase demand for U.S. coking coal and will help support capesize freight rates."
Source: Commodities Now / Hellenic Shipping
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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- The University of Queensland
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
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