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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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Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
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