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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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- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
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