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Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. After a tumultuous few years marked by the Covid-19 shock in 2020 and the turmoil caused by Russia’s invasion of Ukraine in 2022, the coal markets have returned to more predictable and stable patterns in 2023. Notably, coal trade is heading back to 2019 volumes, with Chinese imports leading the charge.
One significant factor contributing to the surge in coal imports is the decline in coal prices. Cheaper coal has made imports more attractive, especially for price-sensitive buyers. China, the world’s largest coal consumer and producer, has almost doubled its imports in the first half of 2023. As a result, global coal trade is projected to grow by more than 7%, outpacing overall demand growth and approaching record levels seen in 2019. Seaborne coal trade may even surpass the 2019 record of 1.3 billion tonnes.
Another reason for the upward trajectory in coal supply is the stronger financial position of coal mining companies. Despite no new large-scale projects coming online, the high prices in 2022 have left these companies with more robust balance sheets, allowing them to invest in sustaining and even expanding capital expenditures. Additionally, the end of La Niña, which hampered coal production in Australia, has bolstered the coal supply outlook for 2023, despite the retreat of coal prices from their peak.
Renewed demand
The demand side of the equation is also playing a vital role in the resurgence of coal trade.
Even the European Union, traditionally a coal importer, temporarily turned into an exporter of thermal coal due to ample inventories accumulated during the previous year and reduced coal-fired power generation.
Global coal consumption reached an all-time high in 2022 and is expected to remain near that record level in 2023. Asia, led by China, India, and Southeast Asian countries, is expected to account for a significant portion of coal consumption. China and India together are projected to use almost 75% of the world’s coal in 2023, further solidifying their dominance in the market.
Despite the positive developments in the coal industry, concerns remain regarding the environmental impact of coal usage. Coal remains the largest single source of carbon emissions from the energy sector, and while clean energy has put coal use into structural decline in Europe and the United States, demand remains stubbornly high in Asia.
To address this, the IEA emphasises the need for greater policy efforts, investments, and stronger international cooperation to drive a massive surge in clean energy and energy efficiency to reduce coal demand in rapidly growing economies.
“But demand remains stubbornly high in Asia, even as many of those economies have significantly ramped up renewable energy sources. We need greater policy efforts and investments – backed by stronger international cooperation – to drive a massive surge in clean energy and energy efficiency to reduce coal demand in economies where energy needs are growing fast.”
Forward look
The mid-year Coal Market Update also provides insights into the future of the coal industry. Global coal demand is projected to remain flat in 2024, with declines in the electricity sector offset by small increases in the industrial sector as economic conditions improve. Asia, particularly India and Southeast Asia, is expected to experience growth in coal demand, while the United States and the European Union will see further declines. China and India are set to continue dominating the global coal consumption landscape, accounting for more than half of the world’s coal use.
Source: Baltic Exchange
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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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- London Commodity Brokers - England
- The University of Queensland
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Australian Coal Association
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
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