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Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
 Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal imports as a direct reaction to the threat of a reduction in gas supply from Russia. The ban comes at a time when coal trade is already tight. As a result, thermal coal prices have been surging on the back of tight supply and geopolitical tensions.
Considering that the EU was importing approximately 35-40mn tonnes/year from Russia, these cargoes need to be supplied from elsewhere, namely US, Australia, South Africa, and Colombia. US accounts for the largest exporter of thermal coal to Europe at the moment, with exports surging to 11.2mn tonnes during 1H22, noting a 91.6% y-o-y increase. Amid intensified sanctions, US Government is exerting pressure on miners to increase production, therefore, trade flows from US to EU ports (mainly Netherlands and Germany) are expected to increase within 2H22.
High-quality Australian coal, on the other hand, is also benefiting from the surging demand in the EU. Imports from Australia surged to 10.2mn tonnes, marking a 27.8% y-o-y increase. For instance, thermal coal exports from Australia's Gladstone port in Queensland hit an 11-month high in June. Gladstone shipped 193,000 tonnes to the Netherlands, 76,400 tonnes to Poland, and 40,000 tonnes to Turkey. Trade flows from Australia, however, did not provide adequate relief as part of Australia’s production tied to long-term contracts.
Volumes from Colombia flowing to Europe recently are on an uptick. Although EU’s appetite for Colombian coal has declined during the past years, the country’s recovered production provided a steady flow of imports amid the current energy crunch, while more shipments are expected during the following months.
Lastly, South African coal has seen its exports recovering y-o-y amid the EU’s increased demand. However, the country’s issues with violence waves, logistics issues, and Covid-induced and weather-related disruptions in production have resulted in unpredictable trade flows. Given that the nation will be able to hold its export momentum, more shipments could be anticipated toward the EU during Q3.
In the meantime, new origins are emerging, like Tanzania, Kazakhstan, and Nigeria, which are being positively considered as a backup measure. EU buyers have started exploring them as a viable plan of action due to competitive prices and quality. Over the past 2 months, a few shipments have been imported to the EU from Tanzania and Kazakhstan at competitive prices compared to the US and South African coal. If imports increase, they will provide relief to thermal coal prices.
Thermal coal is now traded at the range of $400/mt compared to $130/mt the year before, marking a 300% y-o-y increase. With supply being already tight and demand rising from the EU, a supply/demand imbalance will continue to add pressure on thermal coal prices. Given the EU will manage to establish alternative coal resources, prices may soften in the medium term.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
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