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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 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Posco Energy - South Korea
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
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