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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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Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
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- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
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