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Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
 The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a year earlier. European natural gas and South African coal prices reached all-time highs in March and April, while U.S. natural gas prices reached their highest level since 2008. The surge in prices partly reflects the impact of the Russian invasion of Ukraine; in 2020, Russia accounted for one-quarter of global exports of natural gas and just under one-fifth of coal exports. Beyond the impact of the war, demand for natural gas and coal has been robust, rising by about 5 and 6 percent, respectively, in 2021 amid a strong post-pandemic recovery, with both reaching record highs.
The war in Ukraine is disrupting trade in energy. Europe relies heavily on Russia for imports of natural gas and coal. In response to the war, the European Union imposed a ban on imports of Russian coal starting in August 2022 and has pledged to reduce imports of Russian gas by two-thirds by the end of the year. While some of Russia’s coal can be redirected to other countries, this will be costly as coal is bulky and expensive to transport. Redirection of natural gas is even more limited due to a lack of transportation infrastructure — 70% of Russia’s exports to Europe are by pipeline.
EU turns to alternative LNG suppliers. The EU has sharply increased its imports of liquefied natural gas (LNG) to rebuild depleted inventories and diversify its suppliers. Inventories have risen rapidly in the last few months, although they remain slightly below the five-year average. In addition, EU countries are investing in additional infrastructure to facilitate LNG trade, such as new terminals, and the EU has also announced plans to sharply increase renewable energy capacity. Energy policies in Europe, however, have large spillover effects on other countries. For example, the sharp increase in EU imports of LNG has forced other countries that rely on LNG, notably emerging markets in Asia, to turn to coal.
Amid high prices, U.S. exports of LNG soar. The United States exported 11.5 billion cubic meters per day in the first half of 2022, a record high and equal to 12% of its domestic production. U.S exports to the EU and the United Kingdom have more than tripled compared to last year, such that Europe accounted for about three-quarters of U.S. LNG exports in the first half of 2022. The increase in U.S. LNG exports reflects the high spot prices of European natural gas compared to both the U.S. and Asia prices. U.S. LNG exports have recently declined, however, due to an explosion at a major LNG terminal. This disruption to supplies is expected to last until October.
Coal production rises amid high prices and shortages. Although global coal production increased by nearly 6% in 2021, coal shortages in China and India led to policies aimed at increasing domestic production. Because the coal (and natural gas) shortages have persisted, additional policy measures were introduced earlier this year. India, for example, announced plans to reopen 100 coal mines that had previously been considered uneconomic.
Risks to the natural gas and coal outlook. After a projected sharp increase in 2022, natural gas and coal prices are expected to moderately decline in 2023, although they will remain much higher than their five-year average. The duration of the Russia-Ukraine conflict and the extent of its disruption to trade in coal and natural gas are the biggest uncertainties facing the outlook for the market. A sharp reduction in Russia’s exports to the EU, for example, could cause prices to spike, particularly if it occurred during the winter period when demand is high. Exports of natural gas from Russia to Europe have already fallen due to maintenance and other technical issues with the Nord Stream 1 pipeline. Prices also remain vulnerable to weather-related conditions and import policies that can affect trade patterns and push up costs. This is particularly the case given the very limited global spare production capacity for natural gas.
By Peter Nagle & Kaltrina Temaj
World Bank
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- The University of Queensland
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
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