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Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices more than doubling since the end of last year.
Traders are now torn between prospects for a continued rally and a pullback on the heels of global efforts toward net-zero emissions.
Based on the most-active contracts traded on ICE, futures for Newcastle coal NCFF23, -1.61%, the Asian-Pacific region benchmark for thermal coal that’s exported from the Newcastle coal terminal in Australia, was at $408.80 on Dec. 6, up 141% from Dec. 31, 2021, according to FactSet data. Coal’s gain this year leads the overall rise among major commodities.
Tight supply due to wet weather in Australia hampering production; strong demand from India, China, and others; and the European energy crisis” all contributed to strength in coal prices, says Will Rhind, founder and CEO of GraniteShares, which runs the GraniteShares Bloomberg Commodity Broad Strategy No K-1COMB +0.38% exchange-traded fund COMB, +0.52%.
Following Russia’s invasion of Ukraine, European countries scrambled to replace Russian energy with alternatives, as Russian natural-gas supplies to Europe were mostly cut off. China has been “extracting record amounts of coal from its own mines as it seeks to insulate itself from the volatility seen in global energy markets,” says Rhind. “Outages from other European energy sources, such as hydro and nuclear plants…exacerbated the situation.”
Overall, “coal remains the largest source of electricity in the world,” he says. It’s the “cheapest to mine, easy to transport, and efficient to burn.”
Coal accounted for about 36.5% of the global power mix in 2021, followed by natural gas with a 22% share, according to Statista. In the U.S., coal accounted for 21.9% of the total 2021 amount of electricity generated at domestic power facilities, while 38.4% was sourced from natural gas, according to the Energy Information Administration.
Global supply of high quality thermal coal has been tight since before the invasion of Ukraine, says Wendy Schallom, coal analyst, analytics, at S&P Global Commodity Insights. The resulting ban on imports of Russian material by the European Union, Japan, and others, and the search for replacement coal, exacerbated the spot coal price rise, she adds.
There has also been a “diversion of coal supply,” originally destined for Asia, moving to Europe to replace the high-quality Russian supplies, says Schallom.
“Fuel switch price signals” had been firmly in favor of hard coal generation since the fourth quarter of 2021, she says, but the recent sharp fall in European gas hub prices means that those price signals reversed in October, with coal-to-gas switching settling in for the first time in more than a year.
If European gas prices recover as expected, fuel switch price signals will reverse again, with gas-to-coal switching likely to soon return, Schallom says. “This will put renewed pressure on German gas and support German hard coal generation.”
Meanwhile, it isn’t surprising that strong use of coal represents a setback in the world’s efforts to meet net-zero emissions by 2050. Developed nations need to entirely eliminate coal plants by 2030, and the rest of the world by 2040, to meet that goal, says GraniteShares’ Rhind. The two largest coal consumers, however —India and China — are investing even more in coal, expanding their power-plant network through the end of the next decade, he says.
Rhind expects global coal demand to remain high, but prices may “moderate” in 2023, especially if there’s a resolution to the Russia-Ukraine war. Supply will remain constrained, but ironically, higher coal prices will almost certainly contribute to increased demand for renewable energy “in order to find cheaper, more environmentally friendly, and independent sources of energy.”
Source: MarketWatch
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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- MS Steel International - UAE
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
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