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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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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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- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
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