Coal Prices Jump on Russian Gas Cutoff Fears

MarineLink.com
Monday, March 03, 2014

Reuters - European physical coal prices rose on Monday along with gains in gas, power and crude oil markets across the region, reflecting escalating tensions between Russia and Ukraine.

Cargos for delivery in April to the ports of Amsterdam, Rotterdam and Antwerp (ARA) were trading at $74.25 a tonne at 1720 GMT, up $0.25 from the previous settlement.

Physical cargos for May delivery jumped $0.60 to $74.40 per metric ton.

In the futures market, API2 coal contracts for delivery in 2015 edged up $1.49 to $82.10 a metric ton.

Commodity prices rose on fears that a standoff between Russia and Ukraine could disrupt the shipment of gas from Europe's biggest supplier.

Gas supply fears rose this weekend when Russian forces took control of Ukraine's Crimea region and President Vladimir Putin said he had the right to invade his neighbor to protect Russians there after the overthrow of ally Viktor Yanukovich.

Tensions between Russia and Ukraine gave coal prices an unexpected lift after a sustained period of declines due to global oversupply.

Supply is expected to rise further in April as coal miner Drummond restarts its exports from Colombia.

Drummond halted the shipments pending installation of automated ship loading facilities, which were required by a law that came into force in January.

(Reporting by Oleg Vukmanovic; editing by Jane Baird)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

Port of LA’s January Volumes Up 33%

704,398 TEUs leads Los Angeles to busiest January in port history    The Port of Los Angeles handled 704,398 Twenty-Foot Equivalent Units (TEUs) in January 2016,

42 People Rescued after Abandoning Ship off Hawaii

Forty-two people are safe after abandoning ship approximately 1,800 miles south of the Hawaiian Islands, Thursday, the U.S. Coast Guard reported.   Crewmembers

Yacht Club Takes Delivery of New Dredger

Rose City Yacht Club, a long-standing private marina and social club along the Columbia River in Portland, Ore., recently took delivery and startup of a new 8-inch Badger Class dredge from Reserve,

Logistics

Port of LA’s January Volumes Up 33%

704,398 TEUs leads Los Angeles to busiest January in port history    The Port of Los Angeles handled 704,398 Twenty-Foot Equivalent Units (TEUs) in January 2016,

First ‘Reachstacker’ Starts Duty in the Port of Ravenna

Liebherr Maritime Cranes delivered a LRS 545, the first model out of the new reachstacker series, to the Italian Port of Ravenna.   The Port of Ravenna is one

Chemical Shipping Freight Rates to Remain Under Pressure

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0878 sec (11 req/sec)