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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, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Deloitte Consulting - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
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