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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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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size s ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
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Showing 3831 to 3835 news of total 6871 |
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- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
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