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