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Friday, 13 December 13
HARD COAL : VOLUMES POSSIBLY AT RECORD-BREAKING HIGH; PRICES POSSIBLY AT A RECORD-BREAKING LOW - VDKI
 Press Release : World Hard Coal Market 2013: volumes possibly at record-breaking high, prices possibly at a record-breaking low. German and UK imports are up. The VDKi welcomes the coalition agreement on the energy turnaround as a step in the right direction.
Verein der Kohlenimporteure e.V. (VDKi) has submitted its initial estimates for the world hard coal market and the German and European hard coal import market for the whole of 2013, based on a data analysis up to the end of October 2013.
World economic growth has slowed in 2013, but trading in coal has continued to increase.
Year-on-year world economic growth has slowed down again. According to the latest announcements by the International Monetary Fund (IMF), the economy has grown year-on-year by 2.9% in real terms. This is 0.3% less than in the previous year. In the euro zone, growth in gross domestic product (GDP) fell in the same period from 2.8% to 1.6%. The industrialised countries of Germany and France accounting positively for 0.5% and the latter for 0.2% of increase, whilst Italian, Dutch and Spanish GDP growth fell by 1.8% and 1.3% respectively.
The growth in hard coal output (coking coal and steam coal) has lost impetus and will not increase by more than 2–3% worldwide by the end of the year. China in particular has reduced hard coal output, whilst coking coal production in Australia and steam coal production in Indonesia and Russia have expanded, sometimes considerably.
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The seaborne hard coal trade (steam coal only) will peak at around 850 million tonnes, according to VDKi calculations, thus increasing by just 3% and reaching a new high overall. China is primarily responsible for the rise, as it increased its imports from Australia and Indonesia in the first half of the year, due to the favourable prices on the world market. Its imports during the first six months were thus up 10% year-on-year. However, economic growth slowed in the second half of the year and an import tax was imposed on low-calorific brown coal. The effect of this cannot yet be estimated, but the VDKi is assuming that China’s steam coal imports will exceed the previous year’s level in 2013.
However, there were major shifts among exporting nations. In all likelihood, the following countries will be able to increase their exports as follows:
- Indonesia by +30 million tonnes or about 12%, to a total of 330–340 million tonnes;
- Australia by about +20 million tonnes or 11% to 180–190 million tonnes, and:
- Russia by 5 million tonnes or about 5% to 114 million tonnes.
In contrast, exports of steam coal from Columbia will fall by 5 million tonnes, due to strikes at various mines and logistical restrictions at the beginning of the year, from South Africa by 3 million tonnes and from the USA by 4 million tonnes.
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Europe and Germany
A slight increase in coal imports in the EU has been perceptible in the last two years, particularly in the UK, Italy, Spain and Germany. Falling hard coal production in Germany, Spain and England has been compensated by an increase in imports. Spain will import about 6 million tonnes less steam coal in 2013, due to increased electricity generation from renewables and the weak economy. Italy will return to the 2012 level.
The long winter in Europe and the lower clean dark spread (costs of coal, freight and CO2 certificates), which has long worked in favour of power generation from coal to a greater or lesser extent, in comparison with the clean spark spread (costs for gas, transport and CO2 certificates) encourages power generation from coal in Europe. Electricity is then frequently exported to highly gas-dependent countries such as the UK or the Netherlands. The Bundesverband der Energie- und Wasserwirtschaft (BDEW) correspondingly estimates gross electricity generation in Germany at 635 TWh in 2013 (2012: 628 TWh), with 61.8% coming from conventional sources (previous year 61.5%).
Germany’s electricity exports to its immediate neighbours rose significantly in the first three quarters of 2013. On balance (exports minus imports), 43% more electricity (19.9 million kWh) was exported than in the same period in 2012 (13.9 TWh).
All this took place against a background of a growing proportion of power from renewable sources, which grew from 22.7% to 25.9% during the first three quarters of 2013.
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The VDKi estimates hard coal imports into Germany as follows in 2013:
Hard coal imports into Germany rose by 16% or 5.5 million tonnes to 38.4 million tonnes in the first nine months. Extrapolating this figure for 2013 means that Germany will import more than 50 million tonnes of hard coal this year, with 38 million tonnes destined for power stations, 10 million tonnes for the iron and steel industry and 3 million tonnes for coke. This would be a new record and would confirm the VDKi’s mid-year forecast. Germany imported about 8 million tonnes of steam coal in the third quarter.
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The Energy Balance Working Party (AGEB) estimates hard coal consumption in 2013 as follows:
- A rise of 8.2% in hard coal consumption for electricity generation to 30.5 million TCE;
- A reduction of 5.6% in hard coal consumption by the steel industry, due to the modest economic situation.
Managing Director Dr Erich Schmitz commented:
"The figures prove that modern, highly-efficient hard coal-fired power stations are indispensable for the security of supply within the scope of the energy turnaround and must have a firm place in the future too. However, their cost-effectiveness is under serious threat from the unrelenting expansion of renewables and the resultant distortions on the German wholesale electricity market. The new federal government must find a remedy, if a serious number of power station closures are to be avoided."
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The USA, Russia, Poland and South Africa have increased their exports to Germany. The USA will probably displace Columbia as the second-largest coal exporter after Russia in 2013.
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World market prices generally continued to fall. They reached their current record low of just over US$73/t cif ARA in the middle of the year. A slight price recovery has been evident since September. At the end of November 2013, hard coal price reached about US$84/t cif ARA, but was still 6% below the previous year’s price (US$89.53). The strengthening of the euro against the US dollar produced further pricing advantages in the euro zone. The average price free German frontier (BAFA price) was thus €75.64 TCE or €64.83/t in the third quarter of 2013.
The VDKi regards the power station section of the coalition agreement as a step in the right direction.
Part of the section dealing with energy makes extensive reference to the “new role for conventional power stations”. Hard coal-fired power stations are regarded as an “indispensable part of the energy mix for the foreseeable future”. The VDKi strongly supports the basic heads of agreement under which the market is to retain the necessary capacity in the long term. This includes the development of a capacity mechanism, alongside the further development of a generation reserve using tendering strategies or the short-notice availability of reserve generation capacity under the Reserve Power Station Order. The explicit inclusion of the capacity market in the coalition agreement, to be developed in the medium term, repeatedly demanded by the VDKi, to be configured in accordance with European law, open to technology and not discriminate against any primary energy resource, is a matter of energy industry necessity and places the necessary emphasis on security in the target constellation of a secure, affordable, environmentally- and climate-friendly energy supply.
However, from the point of view of the VDKi, these fundamental positions must now be translated into specific legislative proposals very quickly. The VDKi has done essential research work with its Prognos report and will make a constructive contribution to further discussions about the configuration of capacity markets.
- Verein Der Kohlenimporteure E.V. (Vdki) - Germany Coal Importers Association -
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Monday, 10 March 14
THE FREIGHT MARKET WAS QUITE FIRM THIS PAST WEEK
COALspot.com: The freight market was quite firm this past week with BDI sharply increased by 22.65 pct week on week and closed at 1543 points, while ...
Saturday, 08 March 14
LETTERS OF INDEMNITY - SKULD
KNOWLEDGE TO ELEVATE
In today's trading market, owners are frequently requested to accept a letter of indemnity (LOI) in exchange for complying ...
Friday, 07 March 14
DRY BULK MARKET TO BENEFIT FROM CHINA'S GDP GROWTH TARGET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the dry bulk market freight rates finally making waves, China's aim of 7.5% GDP growth for 2014 mean once again positive news for the shipping ...
Friday, 07 March 14
RBCT, WORLD'S LARGEST COAL EXPORTING TERMINAL SHIPPED 1.78% LESS COAL MONTH ON MONTH
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 4.487 million tons of ...
Friday, 07 March 14
INDONESIA SHIPPED 7% LESS COAL IN JANUARY 2014 COMPARED TO ITS DECEMBER EXPORTS
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $1.8* billion ...
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Showing 3811 to 3815 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Latin American Coal - Colombia
- Australian Coal Association
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
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