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Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices more than doubling since the end of last year.
Traders are now torn between prospects for a continued rally and a pullback on the heels of global efforts toward net-zero emissions.
Based on the most-active contracts traded on ICE, futures for Newcastle coal NCFF23, -1.61%, the Asian-Pacific region benchmark for thermal coal that’s exported from the Newcastle coal terminal in Australia, was at $408.80 on Dec. 6, up 141% from Dec. 31, 2021, according to FactSet data. Coal’s gain this year leads the overall rise among major commodities.
Tight supply due to wet weather in Australia hampering production; strong demand from India, China, and others; and the European energy crisis” all contributed to strength in coal prices, says Will Rhind, founder and CEO of GraniteShares, which runs the GraniteShares Bloomberg Commodity Broad Strategy No K-1COMB +0.38% exchange-traded fund COMB, +0.52%.
Following Russia’s invasion of Ukraine, European countries scrambled to replace Russian energy with alternatives, as Russian natural-gas supplies to Europe were mostly cut off. China has been “extracting record amounts of coal from its own mines as it seeks to insulate itself from the volatility seen in global energy markets,” says Rhind. “Outages from other European energy sources, such as hydro and nuclear plants…exacerbated the situation.”
Overall, “coal remains the largest source of electricity in the world,” he says. It’s the “cheapest to mine, easy to transport, and efficient to burn.”
Coal accounted for about 36.5% of the global power mix in 2021, followed by natural gas with a 22% share, according to Statista. In the U.S., coal accounted for 21.9% of the total 2021 amount of electricity generated at domestic power facilities, while 38.4% was sourced from natural gas, according to the Energy Information Administration.
Global supply of high quality thermal coal has been tight since before the invasion of Ukraine, says Wendy Schallom, coal analyst, analytics, at S&P Global Commodity Insights. The resulting ban on imports of Russian material by the European Union, Japan, and others, and the search for replacement coal, exacerbated the spot coal price rise, she adds.
There has also been a “diversion of coal supply,” originally destined for Asia, moving to Europe to replace the high-quality Russian supplies, says Schallom.
“Fuel switch price signals” had been firmly in favor of hard coal generation since the fourth quarter of 2021, she says, but the recent sharp fall in European gas hub prices means that those price signals reversed in October, with coal-to-gas switching settling in for the first time in more than a year.
If European gas prices recover as expected, fuel switch price signals will reverse again, with gas-to-coal switching likely to soon return, Schallom says. “This will put renewed pressure on German gas and support German hard coal generation.”
Meanwhile, it isn’t surprising that strong use of coal represents a setback in the world’s efforts to meet net-zero emissions by 2050. Developed nations need to entirely eliminate coal plants by 2030, and the rest of the world by 2040, to meet that goal, says GraniteShares’ Rhind. The two largest coal consumers, however —India and China — are investing even more in coal, expanding their power-plant network through the end of the next decade, he says.
Rhind expects global coal demand to remain high, but prices may “moderate” in 2023, especially if there’s a resolution to the Russia-Ukraine war. Supply will remain constrained, but ironically, higher coal prices will almost certainly contribute to increased demand for renewable energy “in order to find cheaper, more environmentally friendly, and independent sources of energy.”
Source: MarketWatch
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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
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