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