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Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
 This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover solar, wind, oil & gas, coal, nuclear, and geothermal (so far) and will answer the same four questions for each.
1. How big is the US coal industry, and what is its growth trajectory?
US coal employment peaked in the 1920s and the whole sector (mining, transport, and power plants) currently supports about 174,000 jobs. In 2018, US mines produced about 756 million short tons of coal, the majority of which (544 million short tons) was burned in coal-fired power plants to generate 966 billion kWh of electricity, about 24% of all electricity generated in the US.
However, coal has largely fallen out of favor for electricity production as price declines in natural gas and, to a lesser extent, renewables have made it harder for coal plants to make money in electricity markets. The average US coal plant is now over 40 years old, and there is not a single commercial coal plant under construction in the country. Some scenarios have coal generation remaining flat for the next couple of decades, but most market fundamentals and societal goals indicate further declines.
In the past decade, over 500 coal-fired power units have been retired, or announced their retirement. Further, it is estimated that over 85% of existing coal plants will be uneconomic compared to local renewables by 2025. These dire conditions have many states with regulated electricity markets scrambling to either financially support uneconomic coal plants or provide securitization strategies to allow them to retire early while still making good on their debts. As demand for coal has declined, almost a dozen coal mining companies have filed for bankruptcy in the past 5 years.
On the other hand, US coal exports have been trending upwards as the world economy continues its decade long recovery and demand for energy and goods continues to increase.
Over half of US coal exports are for making steel (metallurgical/coking coal) and the rest for electricity (steam/thermal coal). Major destinations for US coal exports are India (15%), The Netherlands (11%), and Japan (9%), among others. Some countries, largely led by China, are continuing to build coal plants, which could increase demand for US coal exports. Although, some western states have sought to block coal export terminals, forcing some US exports to depart through Canada.
2. Which US states lead in coal?
While Appalachia is home to the vast majority of individual coal mines, the relatively few number of mines in the western Powder River Basin (PRB) produce many more tons of coal annually. Of the 43% of US coal that comes from the PRB, 93% of that (40% of US total) comes from the state of Wyoming. West Virginia produced the second highest amount of US coal, almost 13% of total US production.
Although Texas only produces the poorest quality coal, lignite, it nonetheless consumes more coal than any other state, almost by a factor of two, even though its usage is down almost 20% (2018 vs. 2017). North Dakota consumes the most amount of coal for uses other than power generation.
3. What are the biggest challenges faced by the coal sector today?
By far the biggest realized challenge facing the US coal sector is economic pressure from low cost natural gas, and to a lessor, though growing, extent, renewables. The hydraulic fracturing boom has vastly increased the supply of natural gas, making it stubbornly cheap and the new firm fuel of choice in power generation. A recent study found that low cost natural gas prices was responsible for 85-90% of wholesale electricity price declines in some markets.
Also, the US is generally not building big power plants (of any type) anymore. Coal (and current generation nuclear) plants are generally built as large units to produce cheaper electricity. However, other technologies, such as gas and renewables, can be built in smaller sizes, for cheaper, and thus incur less capital risk, making them easier to finance. The US Department of Energy has made a push for small modular coal plants, but there doesn’t appear to be much traction as of yet.
The biggest existential threat faced by the US coal sector is by far climate change. Of the major fuels used to generate electricity in the US, coal produces the most carbon emissions. But technical and political times are changing. About 45% (and growing) of all electricity (by at least 2050) in the US has been pledged to be carbon-free and one of the easiest ways to start to make good on such promises is to shutter coal plants.
Coal’s future (at least for power production) appears to be burning out. Other technologies, such as gas and renewables, are beating coal on price, flexibility, and finance-ability. Absent significant improvements in carbon capture and sequestration technology, most developed markets, but not all, are likely to continue shuttering their coal fleets over the next couple of decades. However, the world is going to continue to need steel in the short and long-term, and while electric arc furnace metals recycling and new smelting technologies might help reduce the need for metallurgical coal and its associated emissions, the vast majority of steel is still currently made using coal.
Source: Forbes
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Thursday, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
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- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
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