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Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
 The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff stepped up a notch last week when a $5 trillion valued institutional investor group made up of many of the world’s largest insurers and pension schemes warned the companies they invest in not to finance, insure, build, develop or plan new thermal coal plants.
The statement came from the Net-Zero Asset Owner Alliance, whose members include Zurich, Allianz, Wespath and Munich Re.
The objective of the Group’s Thermal Coal Position paper is to encourage transition pathways towards decarbonisation. “Together, investors, governments and companies all have a responsibility to act on global emissions reduction. Additional thermal coal developments for energy generation are ultimately irreconcilable with the exercise of this responsibility,” the Alliance said.
The position paper is the latest in a stream of anti-coal rhetoric, putting increasing pressure on seaborne volumes through the 2020s. One recent coal casualty has been the withdrawal of investors in a South African multi-billion-dollar coal-fired power plant project, the 630 megawatt Thabametsi coal-based power plant project in the northern Limpopo province.
South Africa’s biggest state pension fund manager the Public Investment Corporation, and the Industrial Development Corporation, are no longer supporting the project, which was planned to come online in 2021. Newswire Reuters reports that the Development Bank of Southern Africa is also reassessing the project to determine if it is in line with its policy of a “just transition towards a low carbon economy”.
Falling from the peak
In the US, coal consumption has been declining since its peak in 2017 of 1.1 billion short tons. In 2019, US coal consumption totalled 590 million short tons, according to the US Energy Information Administration (EIA). However, despite projected growth in natural gas and renewable energy use to generate electricity through 2050, the EIA’s Annual Energy Outlook 2020 projects in its reference case that coal and nuclear power plants will collectively provide more than 25% of generation through 2050. End consumers and investors are pushing for that percentage to be reduced before the 30-year projection window is up.
According to data from the EIA, 121 US coal-fired power plants were repurposed to burn other types of fuels between 2011 and 2019, 103 of which were converted to or replaced by natural gas-fired plants. At the end of 2010, 316.8 gigawatts of coal-fired capacity existed in the US, but by the end of 2019, 49.2 gigawatts of that amount was retired, 14.3 gigawatts had the boiler converted to burn natural gas, and 15.3 gigawatts was replaced with natural gas combined cycle.
As the US coal-fired electric generation fleet continues to manage challenges from emission standards and low prices for natural gas, the EIA expects more of these conversions to take place in the future. The Administration has already been notified of eight planned natural gas combined cycle projects, five of which are currently under construction, which will replace existing coal plants.
Across the Atlantic, increased pressure is coming from the European Commission, which published revised emission reduction targets for 2030 in September, requiring greenhouse gas emissions to be reduced by at least 55% by 2030, compared with 1990 levels. This equates to a near-exit from coal by 2025, according to a report from consultant Climact and think-tank Ecologic analysing the EC’s impact assessment. The analysis found that coal could only represent around 2% of the EU’s energy mix under any scenario meeting the target, down from the previous target of 15%.
In its own impact assessment, the EC states that it expects coal to become “marginal in final energy demand in 2030, driven by reductions in industry and the declared policies in a number of Member States to reduce coal for heating purposes, as well as the required increase in uptake of renewables”. While most EU countries have set coal phase-out plans that would end its use before 2030, Romania, Bulgaria, Czechia, Slovenia and Croatia have not set any coal phase-out date yet.
Local law changes are also putting the dampeners on future global coal supply. For example, in Vietnam a new law on public-private partnerships (PPP) that comes into effect next year creates new hurdles for foreign coal investors. The Institute for Energy Economics and Financial Analysis’ energy finance analyst Thu Vu predicts that the new regulatory challenges, coupled with market challenges, will likely prove too onerous for foreign investors in four of the 15 remaining coal power projects in Vietnam’s pipeline: Nam Dinh 1, Vung Ang 2, Vinh Tan 3 and Song Hau 2. These projects have not yet reached the commissioning phase, with contractual agreements still waiting for official sign-off.
“South Korean, Japanese and Chinese investors will likely struggle with changes brought about by the new PPP Law,” said Vu. “In provinces such as Binh Thuan where the proposed Japanese-backed Vinh Tan 3 will reside, renewable energy alternatives have been tried and tested in the past two years, with more solar and wind capacity awaiting in the pipeline. Vung Ang 2’s Ha Tinh province is also seeing a pick-up in renewable investments. Furthermore, local opposition to more polluting coal power in these areas is fierce, compromising the ability of project sponsors to mobilise local government support for their projects.”
Thermal coal imports are still expected to rise in 2020 into the Southeast Asia region as a whole – indeed, the ASEAN region may be the only remaining bright spot for coal as other regions put the squeeze on demand and production. In recognition of this the ASEAN Centre for Energy and the World Coal Association signed a Memorandum of Understanding last week with WCA chief executive Michelle Manook stressing that coal is a “critical enabler in emerging economies for economic growth, particularly those across the ASEAN region. Ms Manook added that the ASEAN region has the right to affordable sources of energy and to build their societies through the crucial role coal plays in steel and cement production – offering a pocket of hope for those in the coal broking, trading and moving industries.
Source: Baltic Exchange
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Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Aditya Birla Group - India
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