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