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Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
 Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal imports as a direct reaction to the threat of a reduction in gas supply from Russia. The ban comes at a time when coal trade is already tight. As a result, thermal coal prices have been surging on the back of tight supply and geopolitical tensions.
Considering that the EU was importing approximately 35-40mn tonnes/year from Russia, these cargoes need to be supplied from elsewhere, namely US, Australia, South Africa, and Colombia. US accounts for the largest exporter of thermal coal to Europe at the moment, with exports surging to 11.2mn tonnes during 1H22, noting a 91.6% y-o-y increase. Amid intensified sanctions, US Government is exerting pressure on miners to increase production, therefore, trade flows from US to EU ports (mainly Netherlands and Germany) are expected to increase within 2H22.
High-quality Australian coal, on the other hand, is also benefiting from the surging demand in the EU. Imports from Australia surged to 10.2mn tonnes, marking a 27.8% y-o-y increase. For instance, thermal coal exports from Australia's Gladstone port in Queensland hit an 11-month high in June. Gladstone shipped 193,000 tonnes to the Netherlands, 76,400 tonnes to Poland, and 40,000 tonnes to Turkey. Trade flows from Australia, however, did not provide adequate relief as part of Australia’s production tied to long-term contracts.
Volumes from Colombia flowing to Europe recently are on an uptick. Although EU’s appetite for Colombian coal has declined during the past years, the country’s recovered production provided a steady flow of imports amid the current energy crunch, while more shipments are expected during the following months.
Lastly, South African coal has seen its exports recovering y-o-y amid the EU’s increased demand. However, the country’s issues with violence waves, logistics issues, and Covid-induced and weather-related disruptions in production have resulted in unpredictable trade flows. Given that the nation will be able to hold its export momentum, more shipments could be anticipated toward the EU during Q3.
In the meantime, new origins are emerging, like Tanzania, Kazakhstan, and Nigeria, which are being positively considered as a backup measure. EU buyers have started exploring them as a viable plan of action due to competitive prices and quality. Over the past 2 months, a few shipments have been imported to the EU from Tanzania and Kazakhstan at competitive prices compared to the US and South African coal. If imports increase, they will provide relief to thermal coal prices.
Thermal coal is now traded at the range of $400/mt compared to $130/mt the year before, marking a 300% y-o-y increase. With supply being already tight and demand rising from the EU, a supply/demand imbalance will continue to add pressure on thermal coal prices. Given the EU will manage to establish alternative coal resources, prices may soften in the medium term.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Romanian Commodities Exchange
- Parliament of New Zealand
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
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