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