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Copyright © by globalCOAL 2001 - 2014
For today’s discussion…
• Changes in trade flows
• Changes in the derivatives market
• Changing nature of market participants
• Conclusions
Copyright © by globalCOAL 2001 - 2014
Areas of interest
Europe Stalling?
Australia New
destinations
Indonesia From zero to hero
South Africa Looking East
Colombia Europe’s supplier
USA Looking to the
Far East
Copyright © by globalCOAL 2001 - 2014
Europe stalls…
0
200
400
600
800
1,000
1,200
1,400
1,600
2005 2010 2015 2020 2025 2030 2035 2040
Mill
ion
tonn
es
Pacific
Atlantic
Sources: globalCOAL, Euracoal, IHS McCloskey
Atlantic vs Pacific Steam Coal Imports, 2005-2040
Copyright © by globalCOAL 2001 - 2014
South Africa turns to the East
Sources: globalCOAL, IHS McCloskey
0
10
20
30
40
50
60
70
80
90
100
2005 2010 2015 2020 2030 2040
Mill
ion
tonn
es
Atlantic
Pacific
RBCT Thermal Coal Exports by Destination, 2005-2040
Copyright © by globalCOAL 2001 - 2014
South Africa turns to the East
0
5
10
15
20
25
30
35
40
45
2006 2007 2008 2009 2010 2011 2012 2013 2014*
Mill
ion
tonn
es
Taiwan
China
India
Sources: globalCOAL, IHS McCloskey
RBCT Thermal Coal Exports to Key Asian Destinations, 2006-2014
*2014 annualised from Aug’14
Copyright © by globalCOAL 2001 - 2014
Australia diversifies
0
20
40
60
80
100
120
140
160
180
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*
Mill
ion
tonn
es
China
Taiwan
South Korea
Japan
Sources: globalCOAL, IHS McCloskey
Australian Thermal Coal Exports by Major Asian Destination, 2000-2014
*2014 annualised from Aug’14
Copyright © by globalCOAL 2001 - 2014
Where to for Indonesia?
0
100
200
300
400
500
600
700
2000 2005 2010 2015 2020 2025 2030 2035 2040
Mill
ion
tonn
es
Sources: globalCOAL, IHS McCloskey
Growth of Total Indonesian Coal Exports, 2000-2040
Copyright © by globalCOAL 2001 - 2014
Where to for Indonesia?
Sources: globalCOAL, IHS McCloskey
Indonesian Coal Exports by Product, 2000-2014
Lignite
Sub-bit & other
Bituminous
*2014 annualised from Jun’14
0
50
100
150
200
250
300
350
400
450
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*
Mill
ion
tonn
es
Sub-bituminous, Lignite & Other
Bituminous
Copyright © by globalCOAL 2001 - 2014
Where to for Indonesia?
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*
Sources: globalCOAL, IHS McCloskey
Indonesian Coal Exports by destination, 2000-2014
*2014 annualised from Jun’14
South Korea
Taiwan
Japan India & Pakistan
China
Other
?
Copyright © by globalCOAL 2001 - 2014
US prospects as a supplier
0
10
20
30
40
50
60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*
Mill
ion
tonn
es
Total US Coal Exports, 2001-2014
Sources: globalCOAL, IHS
Evolution of US Coal Exports by Destination, 2005-2035
0
10
20
30
40
2005 2015 2025 2035
Mill
ion
tonn
es
Pacific
Atlantic
*2014 annualised from Aug’14
Copyright © by globalCOAL 2001 - 2014
Colombia Total Colombian Steam Coal Exports by Destination, 2000-2014
0
20
40
60
80
100
120
2000 2005 2010 2015 2020 2025 2030 2035 2040
Mill
ion
tonn
es
0
20
40
60
80
100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*
Mill
ion
tonn
es
Sources: globalCOAL, IHS
Europe
Far East Americas
*2014 annualised from Sep’14
Evolution of Colombian Coal Exports, 2000-2040
Copyright © by globalCOAL 2001 - 2014
2014 derivatives market snapshot
API#2 2.5Bt
API#4 500Mt
NEWC 278Mt
API#8 34Mt
S/B Indo 18Mt
Copyright © by globalCOAL 2001 - 2014
Significant growth
*2014 annualised from Sept’14 Sources: globalCOAL, ICE, CME, SGX, EEX, FSA, LEBA
Growth in Coal Derivatives Volume, 2001-2014
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 *
Mill
ion
tonn
es
∆+6.6%
Copyright © by globalCOAL 2001 - 2014
Growth in clearing vs OTC
*2014 annualised from Sept’14 Sources: globalCOAL, ICE, CME, SGX, EEX, FSA, LEBA
Cleared and OTC Derivatives Volumes Growth, 2001-2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
500
1000
1500
2000
2500
3000
3500
4000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 *
% Cl
eare
d
Mill
ion
tonn
es
Cleared OTC % Cleared (right axis)
Copyright © by globalCOAL 2001 - 2014
A maturing market
0%
5%
10%
15%
20%
25%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2011 2012 2013 2014*
% O
ptio
ns
Mill
ion
tonn
es
Futures Options % Options (Right axis)
*2014 annualised from Sept’14 Sources: globalCOAL, ICE, CME, SGX, LCH
Cleared Futures vs Options Derivatives Volumes, 2011-2014
Copyright © by globalCOAL 2001 - 2014
Pacific lag
Sources: globalCOAL, ICE, CME, SGX, LCH, Euracoal
Atlantic Market Pacific Market
0
500
1,000
1,500
2,000
2,500
3,000
Physical Financial
Mill
ion
tonn
es
0
500
1,000
1,500
2,000
2,500
3,000
Physical Financial
Mill
ion
tonn
es
Copyright © by globalCOAL 2001 - 2014
Commodity churn ratios
0
20
40
60
80
100
120
140
160
180
200
220
Pacificcoal
All coal Atlanticcoal
Cocoa Coffee Wheat Gas Oil Copper Crude Oil Henry HubGas
Sources: globalCOAL & others
Various Commodity Churn Ratios
Copyright © by globalCOAL 2001 - 2014
Financial institutions withdraw
Source: globalCOAL
Percentage of globalCOAL Volume by Participant Type, 2006-2014
0%
10%
20%
30%
40%
50%
60%
70%
2006 2007 2008 2009 2010 2011 2012 2013 2014
Rise of the commodity trader
Withdrawal of the Banks
Utility Traders Miners & Others
Copyright © by globalCOAL 2001 - 2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
25
50
75
100
2009 2010 2011 2012 2013 2014*
Mill
ion
tonn
es
Total tonnage % Asia based
More trading in the East
Source: globalCOAL
Total Tonnage and Proportion of Volume Traded by Asia-based Participants on the globalCOAL Platform, 2009-2014
*2014 annualised from Sep’14
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