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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, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
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Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
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Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Minerals Council of Australia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
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