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Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
 The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a year earlier. European natural gas and South African coal prices reached all-time highs in March and April, while U.S. natural gas prices reached their highest level since 2008. The surge in prices partly reflects the impact of the Russian invasion of Ukraine; in 2020, Russia accounted for one-quarter of global exports of natural gas and just under one-fifth of coal exports. Beyond the impact of the war, demand for natural gas and coal has been robust, rising by about 5 and 6 percent, respectively, in 2021 amid a strong post-pandemic recovery, with both reaching record highs.
The war in Ukraine is disrupting trade in energy. Europe relies heavily on Russia for imports of natural gas and coal. In response to the war, the European Union imposed a ban on imports of Russian coal starting in August 2022 and has pledged to reduce imports of Russian gas by two-thirds by the end of the year. While some of Russia’s coal can be redirected to other countries, this will be costly as coal is bulky and expensive to transport. Redirection of natural gas is even more limited due to a lack of transportation infrastructure — 70% of Russia’s exports to Europe are by pipeline.
EU turns to alternative LNG suppliers. The EU has sharply increased its imports of liquefied natural gas (LNG) to rebuild depleted inventories and diversify its suppliers. Inventories have risen rapidly in the last few months, although they remain slightly below the five-year average. In addition, EU countries are investing in additional infrastructure to facilitate LNG trade, such as new terminals, and the EU has also announced plans to sharply increase renewable energy capacity. Energy policies in Europe, however, have large spillover effects on other countries. For example, the sharp increase in EU imports of LNG has forced other countries that rely on LNG, notably emerging markets in Asia, to turn to coal.
Amid high prices, U.S. exports of LNG soar. The United States exported 11.5 billion cubic meters per day in the first half of 2022, a record high and equal to 12% of its domestic production. U.S exports to the EU and the United Kingdom have more than tripled compared to last year, such that Europe accounted for about three-quarters of U.S. LNG exports in the first half of 2022. The increase in U.S. LNG exports reflects the high spot prices of European natural gas compared to both the U.S. and Asia prices. U.S. LNG exports have recently declined, however, due to an explosion at a major LNG terminal. This disruption to supplies is expected to last until October.
Coal production rises amid high prices and shortages. Although global coal production increased by nearly 6% in 2021, coal shortages in China and India led to policies aimed at increasing domestic production. Because the coal (and natural gas) shortages have persisted, additional policy measures were introduced earlier this year. India, for example, announced plans to reopen 100 coal mines that had previously been considered uneconomic.
Risks to the natural gas and coal outlook. After a projected sharp increase in 2022, natural gas and coal prices are expected to moderately decline in 2023, although they will remain much higher than their five-year average. The duration of the Russia-Ukraine conflict and the extent of its disruption to trade in coal and natural gas are the biggest uncertainties facing the outlook for the market. A sharp reduction in Russia’s exports to the EU, for example, could cause prices to spike, particularly if it occurred during the winter period when demand is high. Exports of natural gas from Russia to Europe have already fallen due to maintenance and other technical issues with the Nord Stream 1 pipeline. Prices also remain vulnerable to weather-related conditions and import policies that can affect trade patterns and push up costs. This is particularly the case given the very limited global spare production capacity for natural gas.
By Peter Nagle & Kaltrina Temaj
World Bank
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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
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