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Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
BloombergThe economic case against European coal is proving too much for even Glencore Plc.
 
The world’s biggest coal shipper cut the value of its Colombian business — which mostly sells to Europe — by almost $1 billion as it adjusts to the struggling market. It also plans to stop mining coal in Colombia in next 15 years.
 
The announcement is another example of how climate change and Europe’s dwindling demand for coal is starting to reshape the global energy industry. A glut of natural gas, along with a milder winter, and higher costs for carbon-emissions allowances, has tilted the economics of generating electricity away from coal and toward using more gas.
 
Investors are piling on pressure over climate change impacts and last year Glencore agreed to cap coal production. But it’s the economics that are proving decisive.
 
 “The Atlantic coal market, I don’t see a big recovery,” Chief Executive Officer Ivan Glasenberg said on Tuesday. “It’s clear the amount of coal being consumed in the Atlantic is decreasing.”
 
The collapse of European coal demand is not just a headache for Glencore. BHP Group, the biggest mining company, is looking to exit the business. One of its assets is Cerrejon, a mine in Colombia it owns with Glencore and Anglo American Plc. In the current market, there are few natural buyers.


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Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...


Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.   Coa ...


Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...


Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...


Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...


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