Europe snaps up coal from abroad to fill gap left by Russia.
A hunt by Europe’s coal consumers to replace Russian cargoes with shipments from across the globe has boosted imports to a key hub by more than a third, helping to fill severely depleted stockpiles.
Shipments are soaring as the region scrambles to replace purchases after Moscow’s invasion of Ukraine, said Matthew Boyle, lead analyst for dry bulks, gas and LNG at Kpler Insight. Helping to fill the gap is more coal from the US, Colombia and Australia — countries that tend to produce better-quality or so-called high-calorific value material that releases more heat and energy when burned.
The worsening global fuel shortage has sent prices soaring, with European year-ahead benchmark coal futures surging to a record in June. Soaring differentials between European and Australian prices have made it viable for traders to send cargoes from the Asia-Pacific region, even after taking into account the high shipping cost for the longer journey. Some low-quality Indonesian coal has also made its way into Europe, although Kpler said they were likely blended with US material with higher calorific value.“We are seeing very high congestion for the main European ports,” said Abhinav Gupta, a drybulk shipping analyst at Braemar.
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