COAL TRADER INTERNATIONAL

Volume 15 / Issue 195 / Thursday, October 8, 2015

Thermal coal buyers in China
make a slow return
Perth, Singapore—Chinese buyers were making a slow return to the
seaborne market for thermal coal in Asian trade following the week-
long holidays and few firm bids were heard for cargoes with a
November shipment date, said market sources Thursday.
One trader said although Chinese market participants were
expected back on Thursday, some had chosen to extend their holiday
until Monday. “I don't expect any large demand,” the participant added.
Early in the Asian trading session a trader in Singapore received a
bid for a November-arrival cargo of 5,500 kcal/kg NAR Australian coal
at $49.50/mt CFR South China.
He said this was not from a Chinese buyer.
A November-delivery 130,000 mt Capesize cargo of 5,500 kcal/kg
NAR Australian coal was heard offered at $51/mt CFR southern China
(continued on page 8)
Platts China Coal – Physical Thermal Coal
Benchmark Prices
October 8 CV (kcal/kg) Basis $/mt Chg Yuan/mt Chg
PCC 1 (FOB Qinhuangdao) 5,500 NAR 59.92 0.05 379.00* 0.00
PCC 2 (FOB Qinhuangdao) 5,000 NAR 52.49 0.05 332.00* 0.00
PCC 6 (CFR South China) 3,800 NAR 31.20 0.00 197.36 -0.15
PCC 6 (VAT included) 3,800 NAR 230.91 -0.18
PCC 7 (CFR South China) 4,700 NAR 42.30 0.00 267.57 -0.21
PCC 7 (VAT included) 4,700 NAR 313.06 -0.24
PCC 8 (CFR South China) 5,500 NAR 49.50 0.00 313.12 -0.24
PCC 8 (Duty & VAT included) 5,500 NAR 388.33 -0.30
*includes VAT at 17%
Platts Physical Thermal Coal Assessments, October 8
CV (kcal/kg) Basis $/mt Chg
Daily Prompt Prices
FOB Newcastle 20% ash 5,500 NAR 43.00 -0.10
- Ash Differential (net value)* 0.36
FOB Newcastle 6,300 GAR 52.90 -0.25
FOB Kalimantan Geared Supramax 4,200 GAR 26.00 0.00
FOB Kalimantan Geared Supramax 3,800 GAR 20.80 0.00
CFR India West Capesize 6,000 NAR 57.50 -0.10
CFR India West Gearless Panamax 5,500 NAR 47.60 0.00
CFR India West Gearless Panamax 5,000 GAR 45.25 -0.05

Currency volatility hampers CFR India West

CFR India West
Gearless Panamax
Geared Supramax
4,200 GAR
3,800 GAR
33.75 -0.05
28.40 0.00
Indonesian thermal coal deals CFR India East
CFR India East
Capesize
Gearless Panamax
6,000 NAR
5,500 NAR
57.70 -0.10
47.90 0.00
CFR India East Gearless Panamax 5,000 GAR 44.50 -0.05
Singapore—Spot trades for Indonesian thermal coal were being CFR India East Gearless Panamax 4,200 GAR 32.75 -0.05
impacted by currency volatility and buyers hugging the sidelines amid CFR India East Geared Supramax 3,800 GAR 27.30 0.00
a persistent supply glut, sources said Thursday. CIF ARA 6,000 NAR 52.80 -0.70
FOB Richards Bay 6,000 NAR 50.30 -0.30
The market was bearish amid limited demand, and the FOB Richards Bay 5,500 NAR 38.90 -0.10
appreciation of the Indonesian rupiah against the US dollar had only *Per 1% Ash (air dried)
added to the woes for miners already battling weak prices, said an Daily 90-Day Prices
Indonesia-based trader. CIF ARA 6,000 NAR 52.00 -1.05
FOB Richards Bay 6,000 NAR 50.25 -0.50
“The [challenge] for a miner is to set a selling price in the current FOB Newcastle 6,300 GAR 52.95 -0.40
market situation,” he added. FOB Kalimantan Geared Supramax 5,900 GAR 49.25 0.00
“We are also suffering due to the sudden appreciation in the FOB Kalimantan Geared Supramax 5,000 GAR 37.75 0.00
FOB ARA Barge 6,000 NAR 54.50 -1.05
Indonesian rupiah,” said an Indonesia-based producer.
Weekly 90-day Prices (October 2)
(continued on page 8) FOB Barge ARA ^ 6,000 NAR 54.66 -1.29
FOB Colombia 6,000 NAR 47.50 -1.00
Poland Baltic 6,000 NAR 49.00 0.00
DAILY COAL PRICE TRENDS (PHYSICAL) Russian Baltic 6,000 NAR 49.10 0.00
CIF Turkey 6,000 NAR 56.00 -2.50
($/mt)
60 FOB Gladstone 6,500 GAR 54.20 -2.70
FOB Qinhuangdao 6,200 GAR 65.00 0.70
Kalimantan 5900 Newcastle 5500 Richards Bay 5500
Russia Pacific 6,300 GAR 48.70 -0.95
55 CIF Japan 6,080 NAR 60.50 -0.85
CIF Korea West 6,080 NAR 54.50 -1.40
50 ^ Weekly average

45
Inside this issue
40 Weak Indian economy, credit issues limit thermal coal demand 3
Onshore wind reaches cost-competitiveness in Germany, UK: BNEF 6
35 Asia met coal prices stable after China’s tepid return from holidays 7
10-Jul 23-Jul 05-Aug 18-Aug 01-Sep 14-Sep 25-Sep 08-Oct Currency volatility hampers Indonesian thermal coal deals 8
Source: Platts NW Europe industrial pellet market edges lower on weak demand 10

www.platts.com www.twitter.com/PlattsCoal COAL

Coal trader international Thursday, October 8, 2015
CIF ARA thermal spot slips as players
re-evaluate Russian supply tightness
London—European CIF ARA physical thermal coal prices dropped once
again Thursday following a re-evaluation of Russian supply tightness,
as well as lower swaps contracts, sources said.
Platts assessed the price of CIF ARA physical thermal coal basis
6,000 kcal/kg NAR and for delivery within the next 15-60 day period at
$52.80/mt, 70 cents lower on-day.
A multi-origin November Amsterdam-Rotterdam cargo with US
optionality traded at $52.80/mt with exchange of futures for physical
terms attached via Atlantic Brokers, falling 70 cents from a similar
November DES AR deal Wednesday. Sources said the trade was
equivalent to a $1.60/mt premium to the corresponding CIF ARA paper
contract.
Market participants had attributed the widening physical premiums
to paper over the last couple of weeks to a perceived lack of Russian
coal availability, following lower shipments from Latvian ports.
However, a Northwest European utility trader said the reduced
levels of spot Russian coal had been occurring for most of the year and
were nothing new, noting that Russian material was still available even
if it was not plentiful.
He said he had sold two shipments of Russian coal to Croatia and
Spain in the last month.
The utility trader added that there was more than enough coal
supply in the Amsterdam-Rotterdam-Antwerp trading hub to go
around, with about 1 million mt of South African coal heading to
Rotterdam in the next few months.
He said he had bought a South African cargo for October delivery
to supply his European plants at a $0.50/mt discount to a CIF ARA
index, which was executed off-screen.
Some producers were holding back on offering tonnages, and a
large producer/trader was bidding for 30,000 mt clips of Russian- or
South African-only coal in the DES ARA market in order to sell that coal
origin at higher levels when in negotiations, the utility trader said.
Broker sources said December DES AR cargoes were bid at $51.60/
mt and offered at $52/mt.
FOB Richards Bay spot falls
South African FOB Richards Bay prices shed 30 cents Thursday as
the market continued to point to a lack of any significant impact from
an ongoing coal miners' strike, sources said.
Platts assessed the FOB price of Richards Bay thermal coal basis
6,000 kcal/kg NAR and for loading within the next 7-45 days at $50.30/
mt, 30 cents lower on the day.
Sources were not concerned about the strike affecting the export
market, as stocks at Richards Bay Coal Terminal remained high and
there were expectations that the industrial action would be resolved
soon.
The South African Chamber of Mines, alongside coal producers,
met with the National Union of Mineworkers on Thursday for further
negotiations, but no outcome had been heard by the end of the day.
“The market is long and there is no producing country that shows
any major issues. However, it is not long enough that a supply problem
Copyright © 2015 McGraw Hill Financial 2
Platts Forward Curve Coal, October 8
Bid Ask Midpoint* Change*
CIF ARA
Nov 15 50.95 51.25 51.10 -0.30
Dec 15 50.05 50.35 50.20 -0.30
Q1 2016 49.20 49.50 49.35 -0.25
Q2 2016 48.40 48.70 48.55 -0.50
Q3 2016 48.65 48.95 48.80 -0.25
Q4 2016 48.90 49.20 49.05 -0.35
2016 48.75 49.05 48.90 -0.30
2017 48.85 49.15 49.00 -0.35
2018 49.35 49.65 49.50 -0.45
FOB Richards Bay
Nov 15 50.20 50.50 50.35 -0.15
Dec 15 50.00 50.30 50.15 -0.10
Q1 2016 49.80 50.10 49.95 -0.30
Q2 2016 48.90 49.20 49.05 -0.55
Q3 2016 48.30 48.60 48.45 -0.10
Q4 2016 47.95 48.25 48.10 -0.30
2016 48.75 49.05 48.90 -0.30
2017 48.20 48.50 48.35 -0.30
2018 48.50 48.80 48.65 -0.30
FOB Newcastle
Nov 15 53.15 53.65 53.40 -0.35
Dec 15 53.15 53.65 53.40 -0.40
Q1 2016 53.50 54.00 53.75 -0.30
Q2 2016 51.00 51.50 51.25 -0.45
Q3 2016 49.95 50.45 50.20 -0.40
Q4 2016 49.45 49.95 49.70 -0.15
2016 50.75 51.75 51.25 -0.35
2017 49.85 50.85 50.35 -0.45
2018 49.35 50.35 49.85 -0.40
* fields are calculated
PLATTS FORWARD CURVE COAL
($/mt)
54
FOB Richards Bay
FOB Newcastle
CIF ARA
52
50
48
Nov-15 Dec-15 Q1-16 Q2-16 Q3-16 Q4-16 2016 2017 2018
Graph created using Platts Forward Curve – Coal data.
The forward curve in coal will provide nine assessments comprising two prompt months,
four prompt quarters and three calendar years.
PFC–Coal is also available in computer-readable Platts Dispatch format. To see a sample
and find information on how to subscribe go to www.risk.platts.com. For questions about
subscribing, please contact support@platts.com. For questions about the content of
PFC–Coal, please e-mail coal@platts.com.
Coal trader international Thursday, October 8, 2015
could not turn it tense, such as with a strong winter in Europe, a
prolonged rainy season in Colombia, or an extended miners' strike in
South Africa,” the utility trader said.
There were no spot FOB Richards Bay 6,000 kcal/kg NAR trades
Thursday, with November-loading cargoes bid at $50.50/mt FOB and
offered at $50.30/mt FOB at different times, while December-loading
shipments were bid and offered at $50.10/mt FOB during the day but
ultimately did not trade.
— Jaime Concha
Weak Indian economy, credit issues limit
thermal coal demand
Singapore, New Delhi—Indian demand post-monsoon has fallen short of
expectations as a slowing economy hampers manufacturing growth and
buyers continue to struggle with credit problems, sources said Thursday.
A Singapore-based trader said he had shipped a few Indonesian
mid-CV coal cargoes to India this month, but demand was not strong.
“We shipped 1.5 million mt to India last year. If we can ship the same
volume this year, we'll have a party,” he said.
According to a west India-based trader, the slowing Indian
economy has limited growth in the manufacturing sector, curtailing
demand for imported thermal coal from industries like steel and
cement as demand for their products have also declined.
Improved domestic coal production had grabbed some buying
interest away from imported thermal coal as well, while stocks at
power plants were still at comfortable levels.
Based on the Central Electricity Authority's data, combined thermal
coal stocks at 100 Indian power plants as of September 30 were at
25.94 million mt. While this figure is 12.5% lower than a month ago, it
was triple the 8.3 million mt recorded during the same time last year.
The trader received offers for October-loading geared vessel
cargoes of Indonesian 4,200 kcal/kg GAR coal at $26/mt FOB, but bids
were at $25.50/mt FOB. He placed the price for 3,800 kcal/kg GAR coal
at $20/mt FOB, which he said was “ridiculously low.”
Many of his customers did not want to confirm cargo bookings
until nearer to the loading dates because they expected prices to fall.
“Laycan is for October 15-26 [if anyone books a cargo today]. The
maximum is for shipment at the end of October,” he said.
An east India-based trader said Indian demand was not very strong
as buyers were not procuring to build stocks. Prices were expected to
slip further, so they were just buying on an as-required basis, he said.
Panamax vessels of Indonesian 4,200 kcal/kg GAR coal was offered
around $32-$33/mt CFR east coast India, a north India-based trader
said. He pegged the Panamax freight from Indonesia to east coast
India at around $6-$7/mt.
Credit problems
The Singapore-based trader noted there were still credit problems
in India. Steel producers have been struggling and the small- and mid-
sized companies have “serious credit issues.”
“Buyers are re-arranging contracts and shifting laycans,” a second
north India-based trader said.
Copyright © 2015 McGraw Hill Financial 3
Dark Spreads, October 8
($/MWh) Change (Eur/MWh) Change
German Dark Spreads (35% efficiency)
Month-Ahead 16.29 0.43 14.45 0.33
Month-Ahead +1 13.28 0.25 11.77 0.17
Quarter-Ahead 14.47 0.06 12.83 0.00
Quarter-Ahead +1 10.91 0.21 9.67 0.14
Year-Ahead 12.96 0.07 11.50 0.03
Year-Ahead + 1 11.85 0.15 10.51 0.09
Year-Ahead + 2 11.70 0.13 10.38 0.08
German Clean Dark Spreads (35% efficiency)
Month-Ahead
Month-Ahead +1
7.38
4.37
0.40
0.23
6.55
3.87
0.34
0.18
Quarter-Ahead 5.48 0.02 4.86 0.00
Quarter-Ahead +1 1.92 0.17 1.70 0.14
Year-Ahead 3.98 0.04 3.53 0.03
Year-Ahead + 1 2.75 0.12 2.44 0.10
Year-Ahead + 2 2.61 0.11 2.31 0.09
German Clean Dark Spreads (45% efficiency)
Month-Ahead 7.38 0.40 6.55 0.34
Month-Ahead +1 4.37 0.23 3.87 0.18
Quarter-Ahead 5.48 0.02 4.86 0.00
Quarter-Ahead +1 1.92 0.17 1.70 0.14
Year-Ahead 3.98 0.04 3.53 0.03
Year-Ahead + 1 2.75 0.12 2.44 0.10
Year-Ahead + 2 2.61 0.11 2.31 0.09
UK Dark Spreads (35% efficiency)
Month-Ahead 43.93 0.51 38.95 0.31
Month-Ahead +1 44.53 0.52 39.48 0.31
Quarter-Ahead 46.25 0.33 41.01 0.14
Quarter-Ahead +1 42.30 0.45 37.51 0.26
Season-Ahead 41.86 0.47 37.12 0.28
UK Clean Dark Spreads (35% efficiency)
Month-Ahead 35.02 0.49 31.05 0.32
Month-Ahead +1 35.62 0.49 31.58 0.32
Quarter-Ahead 37.26 0.30 33.04 0.14
Quarter-Ahead +1 33.31 0.41 29.54 0.26
Season-Ahead 32.88 0.44 29.15 0.28
($/MWh) Change (GBP/MWh) Change
UK Clean Dark Spreads CPS (35% efficiency)
Month-Ahead 8.11 0.52 5.30 0.34
Month-Ahead+1 8.71 0.52 5.69 0.34
Quarter-Ahead 10.3 0.34 6.77 0.22
Quarter-Ahead+1 6.52 0.44 4.26 0.29
Season-Ahead 10.3 0.34 6.77 0.22
UK Dark Spread (35% efficiency)*
Dark Spread 43.93 0.51 28.72 0.36
Clean Spread 35.02 0.49 22.89 0.34
* Uses CIF ARA 15-60 day forward basis physical price
Heat Rate (Minimum efficiency to pay fuel cost)
(Btu/kWh) (%)
Gas, UK 13667 24.98%
Gas, Germany 5973 57.16%
Carbon-Adjusted
($/mt) Change
CIF ARA 72.88 -0.65
Coal trader international Thursday, October 8, 2015
India's imports of thermal coal have been falling, the Singapore-
based trader said. He expects intake of cargoes from Australia, South
Africa and Russia to rise at the expense of Indonesian coal as prices of
coal from these countries had become competitive.
The east India-based trader said he was looking for an October-
loading Panamax cargo of South African 5,500 kcal/kg NAR coal at
$38/mt FOB and offers were around $39-$40/mt FOB.
Australian 5,500 kcal/kg NAR coal was also being used along the
east coast, he said.
Platts assessed the 30-60 day price of 5,500 kcal/kg NAR coal at
$47.60/mt CFR India West and 47.90/mt CFR India East Thursday, both
steady on the day.
— Mia Corazon Aureus, Sapna Dogra
CIF ARA thermal swaps edge lower on related
energy commodities, macro
London—Europe-delivered CIF ARA thermal coal swaps lost around 30
cents Thursday, with market sources noting that prices had been
weighed down by weaker related energy commodities and lower
macroeconomic indicators.
Platts assessed the CIF ARA front-quarter Q1-16 contract at $49.35/
mt, slipping 25 cents on the day, and the year-ahead Cal-16 at $48.90/
mt, down 30 cents.
A London-based trader said most energy commodities seemed to
moving together — coal, UK natural gas and German power — but added
that “it seems like the market overcorrected too strongly on the way up
and is now coming down with people making new short positions.”
Another trading source said the CIF ARA Cal-16 price movements had
largely correlated with those of the euro-dollar exchange rate Thursday.
Year-ahead Cal-16 swaps opened 30 cents higher at $49.50/mt, the
$48.75/mt around midday then heading up towards the $49/mt level.
Similarly, the euro rose to $1.13097 against the US dollar during the
morning before falling to $1.12517 around midday before climbing back
to close at $1.12823.
Nearby CIF ARA Q1-16 coal paper contracts opened at $49.40/mt,
20 cents lower on the day and fell to $49.10/mt during early afternoon
before recovering towards the end of the day.
German power baseload Cal-16 contracts lost 15 euro cents to
€29.25/MWh.
The South African FOB Richards Bay paper market was quiet
Thursday, with sources noting that there had been no noticeable
impact from the ongoing South African coal mining industry strike.
“I think [the strike] has not done anything really — the [FOB
Richards Bay swaps] underperformed if anything with [CIF ARA paper
prices] rising more, which shows people were profit-taking, as the [CIF
ARA market] is where people hold speculative positions,” the first
London-based trader said.
Front-quarter implied freight (CIF ARA-FOB Richards Bay) spread
narrowed 5 cents to minus $0.60/mt.
The FOB Richards Bay Q1-16 contract was assessed at $49.95/mt
and the Cal-16 at $48.90/mt, both slipping 30 cents on-day.
— Jacqueline Holman
Copyright © 2015 McGraw Hill Financial 4
Dry Bulk Freight Assessments, October 8
Freight Rate ($/mt) Change
Capesize
Australia-China 6.30 -0.30
Queensland-Rotterdam 10.25 -0.35
Queensland-Japan 6.60 -0.30
New South Wales-Rotterdam 10.55 -0.35
New South Wales-Korea 6.80 -0.30
Bolivar-Rotterdam 6.25 -0.25
Roberts Bank-Japan 7.35 -0.30
Richards Bay-Rotterdam 5.80 -0.15
Virtual 2.50 -0.40
Differential 3.30 0.25
Panamax
Richards Bay-India West 8.60 0.00
Kalimantan-India West 6.50 -0.05
Richards Bay-India East 8.80 0.00
Kalimantan-India East 5.30 -0.05
Richards Bay-Rotterdam 7.25 -0.25
Richards Bay-Spanish Med 8.15 -0.25
Richards Bay-Jorf Lasfar 5.75 0.00
Bolivar-Rotterdam 7.75 0.00
USEC-China 22.00 0.00
USEC-India 20.00 0.00
USEC-Rotterdam 7.25 0.00
USEC-Brazil 8.00 0.00
Mobile-Rotterdam 8.50 0.00
Mobile-Taranto 10.00 0.00
Roberts Bank-Rotterdam 12.15 0.00
Roberts Bank-Japan 9.45 0.00
Australia-China 7.50 0.00
Australia-India 9.75 0.00
Queensland-Rotterdam 11.15 0.00
Queensland-Iskenderun 10.20 0.00
New South Wales-Rotterdam 10.30 0.00
Platts Physical Thermal Coal Assessments, October 8
CV (kcal/kg) Basis $/mt Chg Yuan/mt Chg
Daily Prompt Prices
CFR South China 5,500 NAR 49.40 -0.10 313.71 -1.17
FOB Qinhuangdao 5,500 NAR 50.86 0.08 323.00 0.00
Metallurgical Coke
%CSR $/mt Change % Chg
FOB North China 66/65 125.50 -0.50 -0.40
FOB North China 62 124.50 -0.50 -0.40
CFR India 62 138.00 -0.50 -0.36
Yuan/mt
DDP North China (weekly) 62 855.00 -5.00 -0.58
Coking coal swaps assessment, October 8
$/mt Change % Chg
Platts Premium Low Vol FOB Australia
Nov 15 78.750 0.50 0.64
Dec 15 78.750 0.50 0.64
Jan 16 79.000 0.50 0.50
Q1 2016 79.000 0.50 0.64
Q2 2016 79.000 0.50 0.64
Q3 2016 79.250 0.25 0.25
2016 79.500 0.50 0.63
Coal trader international Thursday, October 8, 2015

Recent heards in the thermal coal market

Date Grade of coal Details
8-Oct-15 FOB Kalimantan 5,500 GAR OFFER: Geared or gearless for October at $50/mt to Malaysia: producer
8-Oct-15 FOB Kalimantan 4,200 GAR OFFER: Supramax for October or November at $26-$27/mt: trader
8-Oct-15 CFR S China 5,500 NAR BID/OFFER: November Australian Capesize cargo at $49/mt and $51/mt: trader in Guangdong
8-Oct-15 FOB Qinhuangdao 5,000 NAR OFFER: Spot cargo of 0.8% sulfur domestic coal at Yuan 335/mt: Shanxi trader
8-Oct-15 FOB Qinhuangdao 5,000 NAR OFFER: Spot cargoes of domestic coal from producer at Yuan 354/mt: traders in China
8-Oct-15 FOB Kalimantan 4,200 GAR BID/OFFER: Geared vessel for October at $25.50/mt vs $26/mt: trader
8-Oct-15 FOB Kalimantan 4,200 GAR OFFER: Geared vessel, with 0.2% sulfur and 3%-4% ash at $27/mt: trader
8-Oct-15 FOB Newcastle 6,000 NAR TRADE: January Panamax cargo at $53.25/mt: globalCOAL
7-Oct-15 FOB Newcastle 5,500 NAR BID/OFFER: December Panamax cargo at $41.50/mt and $42.50/mt: globalCOAL
7-Oct-15 FOB Newcastle 5,500 NAR OFFERS: November Capesize cargoes at $42.50/mt: trader in Singapore
7-Oct-15 FOB Newcastle 6,000 NAR TRADE: January parcel for 25,000 mt at $54/mt: globalCOAL
7-Oct-15 FOB Kalimantan 3,800 NAR TRADE: Geared vessel for shipment next week at $27.10/mt: trader
7-Oct-15 FOB Kalimantan 4,200 GAR OFFER: Geared vessel for October at $26-$26.50/mt: trader
7-Oct-15 FOB Kalimantan 5,400 GAR BID: 90,000 mt for October at $46/mt: trader
7-Oct-15 FOB Kalimantan 3,800 GAR OFFER: Geared vessel for October at $23/mt: producer

Recent Coal Trade Transactions

Following is a table of recent international steam coal trade transactions. Date noted is the date of reported trade. Quantity in metric tons. Prices in US $/mt, unless stated otherwise.
Date Buyer Supplier Tonnage Price (mt) Details
Steam coal
8-Oct-15 NW Europe utility-trader Trader 50,000 mt $52.80/mt DES AR (EFP) Multi-origin coal, November
8-Oct-15 Unknown Unknown 75,000 mt $53.25/mt FOB (Non-div) Australian coal, January
7-Oct-15 NW Europe utility-trader Trader 50,000 mt $53.50/mt DES AR (EFP) Multi-origin coal, November
7-Oct-15 Unknown Unknown 25,000 mt $54/mt FOB Australian coal, January
7-Oct-15 Unknown Unknown 25,000 mt $55.25/mt FOB Australian coal, November
7-Oct-15 Unknown Unknown 25,000 mt $55.50/mt FOB Australian coal, November
6-Oct-15 NW Europe utility-trader Unknown 50,000 mt $52.70/mt DES AR (EFP) Multi-origin coal, December
6-Oct-15 Unknown Unknown 50,000 mt $50.75/mt FOB South African coal, November
6-Oct-15 Unknown Unknown 50,000 mt $50.75/mt FOB South African coal, November
6-Oct-15 Unknown Unknown 50,000 mt $53/mt FOB Australian coal, January
5-Oct-15 Unknown Unknown 25,000 mt $54.50/mt FOB Australian coal, November
2-Oct-15 NW Europe utility-trader Unknown 50,000 mt $51/mt DES AR (EFP) Multi-origin coal, November

COAL TRADER INTERNATIONAL
Volume 2 / Issue 24 / June 17, 2015
ISSN:
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Copyright © 2015 McGraw Hill Financial 5

Coal trader international Thursday, October 8, 2015
Alinta to shut South Australian coal mine
in Nov ahead of power plant closures
Perth—Australian power company Alinta Energy confirmed Wednesday
it will shut its Leigh Creek coal mine in South Australia November 17
ahead of the closure of its two coal-fired power stations in the state.
The mine supplies thermal coal to Alinta's Northern and Playford B
power plants in the town of Port Augusta 250 km (155 miles) away that
are now due to cease operations at end March 2016, a year earlier than
initially planned.
The mine produces around 2.5 million mt/year of 3,600 kcal/kg
GAR thermal coal with moisture of about 30%, ash of 13% and sulfur of
0.5%. The coal is delivered by rail company Pacific National to Port
Augusta.
Alinta in June said the mine and power plants had become
“increasingly uneconomic” due to alternative energy generation and
changing demand patterns.
“The decline in demand for energy as households have become
more efficient and the number of industrial customers has declined,
combined with policy settings designed to support significant growth
in renewable energy generation, have together had the effect of
causing a significant oversupply of power available to South Australia,”
Alinta CEO Jeff Dimery said in June.
The company is funding A$75 million ($54 million) of redundancy
payments to the 440 staff affected by the closures.
The mine and power plants had incurred operating losses of A$100
million over the past four years, despite A$200 million of investment to
extend their operating life spans.
Alinta in September said it had studied the feasibility of building a
50 MW solar thermal generation plant at Port Augusta, but had
concluded it was not commercially feasible.
— Mike Cooper
Onshore wind reaches cost-competitiveness
in Germany, UK: BNEF
London—Onshore wind power is now the cheapest form of electricity
to produce in both Germany and the UK even without government
subsidies, based on the so-called “levelized cost of electricity” (LCOE),
according to a report by Bloomberg New Energy Finance published this
week.
Levelized costs take into account not just the cost of generating a
marginal megawatt-hour of electricity, but also the upfront capital and
development expense, the cost of equity and debt finance, and
operating and maintenance fees, BNEF said.
“Our report shows wind and solar power continuing to get cheaper
in 2015, helped by cheaper technology but also by lower finance costs.
Meanwhile, coal and gas have got more expensive on the back of lower
utilization rates, and in Europe, higher carbon price assumptions
following passage of the Market Stability Reserve reform,” BNEF
Europe head Seb Henbest said.
The EU Council's final approval of the Market Stability Reserve
legislation on September 18.
Copyright © 2015 McGraw Hill Financial 6
Platts Daily Metallurgical Coal Assessments, October 8
Asia-Pacific Coking Coal ($/mt)
FOB CFR CFR Change
Australia China India Australia China India
HCC Peak Downs Region 80.25 87.75 90.00 0.00 0.00 0.00
Premium Low Vol 79.25 86.75 89.00 0.00 0.00 0.00
HCC 64 Mid Vol 74.50 82.00 84.25 0.00 0.00 0.00
Low Vol PCI 64.75 72.25 74.50 0.00 0.00 0.00
Mid Tier PCI 63.00 70.50 72.75 -0.25 -0.25 -0.25
Semi Soft 60.75 68.25 70.50 +0.25 +0.25 +0.25
Atlantic Coking Coal ($/mt)
FOB US
East Coast Change VM Ash S
Low Vol HCC 84.000 0.000 19% 8% 0.80%
High Vol A 85.500 0.000 32% 7% 0.85%
High Vol B 80.250 0.000 34% 8% 0.95%
Detailed methodology and specifications are found here: http://platts.com/IM.Platts.Content/
MethodologyReferences/MethodologySpecs/metcoalmethod.pdf
PCC Met (Platts China Coal – Metallurgical) (Yuan/mt)*
Ex-washplant Free-on-Rail DDP Tangshan
PCC Met Shanxi Premium Low Vol 610 650 815
PCC Met Shanxi High Sulfur Premium Low Vol 440 480 645
PCC Met North China Fat Coal — — 670
PCC Met Shanxi PCI 425 465 595
PCC Met Shandong Semi Soft 465 485 —
PCC Met Rail Freight Shanxi – Tangshan 205
PCC Met Truck Freight Shanxi – Tangshan 205
*weekly (assessed October 7)
North China Prompt Port Stock Prices
Ex-stock Jingtang CFR Jingtang
(Yuan/mt, incl VAT) equivalent ($/mt)**
Premium Low Vol* 690.00 85.29
HCC 64 Mid Vol* 675.00 83.34
*weekly (assessed October 2), 20-day delivery from date.
**ex-stock price, net of port charges, import tax and VAT
HCC Assessed Specifications
CSR VM Ash S P TM Fluidity
Premium Low Vol 71% 21.5% 9.3% 0.50% 0.045% 9.7% 500
HCC Peak Downs Region 74% 20.7% 10.5% 0.60% 0.030% 9.5% 400
HCC 64 Mid Vol 64% 25.5% 9.0% 0.60% 0.050% 9.5% 1,700
Penalties & Premia: Differentials ($/mt)
Within % of Premium Low Vol FOB Net Value
Min-Max Australia assessment price ($/mt)
Per 1% CSR 60-71% 0.50% 0.40
Per 1% VM (air dried) 18-27% 0.50% 0.40
Per 1% TM (as received) 8-11% 1.00% 0.79
Per 1% Ash (air dried) 7-10.5% 1.50% 1.19
Per 0.1%S (air dried) 0.3-1% 1.00% 0.79
US low-vol HCC Penalties & Premia; Differentials ($/mt)
Within % of US low-vol HCC FOB Net value
Min-Max USEC assessment price ($/mt)
Per 1% CSR 50-64% 0.50% 0.42
40-49% 0.05% 0.04
Per 0.1% S 0.70-1.05% 0.75% 0.63
1.06-1.25% 0.75% 0.63
Per 1% TM (as received) 6-11% 1.00% 0.84
Per 1% Ash 5-10% 1.25% 1.05
The assessed price of HCC Peak Downs(R) originates with Platts and is based on price information
for a range of HCCs with a CSR> 67% normalized to the standard of HCC Peak Downs(R) (CSR
74%). Peak Downs(R) is a registered trade mark of BM Alliance Coal Operations Pty Limited “BMA”.
This price assessment is not affiliated with or sponsored by BMA in any way.
Coal trader international Thursday, October 8, 2015
The MSR will start removing 12% of the net surplus each year from
January 2019 if the surplus is greater than 833 million mt.
Among the country-level findings of the BNEF study are that
onshore wind is now fully cost-competitive with both gas-fired and
coal-fired power generation, once carbon costs are taken into account,
in the UK and Germany.
In the UK, onshore wind comes in on average at $85/MWh in the
second half of 2015, compared to $115/MWh for CCGT gas plants and
$115/MWh for coal-fired power, BNEF said.
In Germany, onshore wind is at $80/MWh, compared to $118/MWh
for gas and $106/MWh for coal, it added.
Worldwide, the BNEF study shows that the global average LCOE for
onshore wind nudged downwards from $85/MWh in the first half of
2015, to $83/MWh in the second half, while that for solar PV fell from
$129/MWh to $122/MWh, it said.
LCOE rises for coal generation
In the same period, the LCOE for coal-fired generation increased
from $66/MWh to $75/MWh in the Americas and from $82/MWh to
$105/MWh in Europe.
The LCOE for combined-cycle gas turbine generation rose from
$76/MWh to $82/MWh in the Americas and from $103/MWh to $118/
MWh in EMEA.
“Generating costs continue to vary greatly from region to region,
reflecting influences such as the shale gas boom in the US, changing
utilization rates in areas of high renewables penetration, the shortage of
local gas production in East Asia, carbon prices in Europe, differing
regulations on nuclear power across the world, and contrasting resources
for solar generation,” BNEF energy economics analyst Luke Mills said.
“But onshore wind and solar PV are both now much more
competitive against the established generation technologies than
would have seemed possible only five or 10 years ago,” Mills added.
Wind turbines and solar panels in Europe's five biggest power
markets — Germany, France, the UK, Italy and Spain — have already
generated more than 200 TWh of electricity in the first nine months on
2015, data from Platts European Renewable Power Tracker shows.
Reduced utilization rates of coal- and gas-fired power stations amid
increased renewables feed-in is a key feature across those markets
with gas-fired power plants hit hardest due to higher generation costs
compared to coal and EUA carbon allowances still not high enough to
make less polluting gas-plants competitive against coal outside the UK,
which has an additional national carbon tax (CPS) in place.
— Andreas Franke
Salzgitter joins Tata Steel on globalCOAL
ahead of met coal launch
London—Coal trading platform globalCOAL said Thursday steel
producer Salzgitter joined other European steelmakers including Tata
Steel and Dillinger ahead of its launch of metallurgical coal trading on
October 13.
The German mill and Dillinger's Zentralkokerei Saar GmbH unit, as
well as Tata Steel UK Limited are so far the region's only steel entities
Copyright © 2015 McGraw Hill Financial 7
Platts Daily Assessments for US Thermal Coal Exports,
Oct 7
($/mt) Change
FOB US East Coast (6,500 NAR, 1% sulfur) 54.75 0.25
FOB USGC Eastern Coal (6,000 NAR, 3% sulfur) 38.75 -0.50
FOB USGC Western Coal (5,000 GAR, 0.5% sulfur) 41.00 -0.25
FOB Canada/USWC (5,000 GAR, 0.5% sulfur) 52.00 -0.25
*14-45 day basis, see methodology for further details.
Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
CV (kcal/kg) Basis Sep-15 Aug-15 Jul-15 Q3-15 Q2-15
CIF ARA 6,000 NAR 53.55 55.92 58.34 55.97 58.73
FOB Richards Bay 6,000 NAR 51.44 54.36 57.05 54.32 60.72
FOB Richards Bay 5,500 NAR 40.76 44.86 48.51 44.76 52.27
FOB Newcastle 5,500 NAR 42.60 42.68 46.08 43.88 46.87
FOB Newcastle 6,300 GAR 56.11 58.57 59.13 57.94 59.03
FOB Gladstone 6,500 GAR 58.23 60.50 61.15 60.05 62.07
FOB Kalimantan 5,900 GAR 50.93 52.35 52.42 51.91 55.17
FOB Kalimantan 5,000 GAR 38.35 39.94 40.70 39.69 43.88
FOB Kalimantan 4,200 GAR 26.58 27.82 28.91 27.80 31.41
FOB Kalimantan 3,800 GAR 21.40 22.92 23.78 22.73 25.18
CFR India West 6,000 NAR 58.05 61.50 64.30 61.38 67.79
CFR India West 5,500 NAR 49.48 54.74 59.44 54.71 61.51
CFR India West 5,000 GAR 45.81 47.73 49.55 47.76 51.88
CFR India West 4,200 GAR 34.29 35.86 38.01 36.12 39.64
CFR India West 3,800 GAR 29.03 31.75 33.55 31.51 34.34
CFR India East 6,000 NAR 58.34 61.80 64.60 61.67 68.00
CFR India East 5,500 NAR 49.78 54.94 59.65 54.95 61.62
CFR India East 5,000 GAR 45.13 46.79 48.38 46.82 51.10
CFR India East 4,200 GAR 33.35 34.67 36.59 34.93 38.63
CFR India East 3,800 GAR 27.85 30.11 31.60 29.91 32.79
FOB Colombia 6,000 NAR 49.13 49.65 52.34 50.52 54.30
Poland Baltic* 6,000 NAR 49.03 50.75 53.62 51.32 54.58
Russian Baltic** 6,000 NAR 49.13 50.85 53.63 51.39 54.63
CIF Turkey 6,000 NAR 58.85 61.56 64.20 61.74 64.65
Russia Pacific 6,300 GAR 50.35 52.36 54.29 52.48 54.55
CFR South China 5,500 NAR 48.74 50.02 52.18 50.38 51.85
FOB Qinhuangdao*** 5,500 NAR 326.33 332.47 335.57 331.57 344.78
FOB Qinhuangdao 6,200 GAR 65.56 66.91 69.66 67.55 71.62
CIF Korea West 6,080 NAR 57.80 61.26 61.54 60.30 64.21
CIF Japan (basket price) 6,080 NAR 61.64 65.30 65.50 64.25 66.55
*Assessed on a 6,300 kcal/kg GAR basis before January 2, 2015. **Assessed on a 6,400 kcal/kg
GAR basis before January 2, 2015. ***Assessed in Yuan/mt. See methodology for further details.
Platts German Clean Dark Spreads October 7
Due to a technical error, Platts German Year Ahead + 1 and Year Ahead + 2 clean
dark spreads (35% efficiency) assessments were published incorrectly in the
October 7 issue of Coal Trader International.
The German Year Ahead + 1 clean dark spreads for October 7 should have read
$2.63/MWh and €2.34/MWh, up 19 cents and 18 euro cents, respectively, not $2.74/
MWh and €2.44/MWh as published.
Similarly, the German Year Ahead + 2 clean dark spreads for October 7 were $2.50/
MWh and €2.22/MWh, up 25 cents and 23 euro cents, respectively, not $2.61/MW
and €2.32/MWh.
Platts would like to apologize for any inconvenience caused.
Coal trader international Thursday, October 8, 2015
Thermal coal buyers in China
make a slow return ...from page 1
by a Chinese trader.
But the offer saw little serious bidding interest. “We will not bid
higher than $49/mt CFR,” a Guangdong-based trader said.
A trader based in Liaoning, China, said it would stick with selling
domestic coal for the balance of the year.
“Our overseas thermal coal department may continue to idle
around over the next few months,” he said.
A Taiwanese power company was heard looking for Australian
5,500 kcal/kg NAR coal for shipment in Q1 2016, and its target price
was $40/mt FOB, a trader in Singapore said.
A Taiwanese power plant was seeking to buy one Panamax-sized
cargo per month of higher calorific value Australian 6,000 kcal/kg NAR
coal at $51/mt FOB, for first-half 2016.
“They think the market will collapse further,” he added.
China National Coal price move
China's second largest coal miner, China National Coal Group, had
decided to lower its October selling prices by Yuan 10/mt on-month,
sources said.
The new selling price for its 5,500 kcal/kg NAR coal was Yuan 405/
mt FOB Qinhuangdao Port, and customers who buy large volumes
could expect an additional Yuan 10/mt discount to Yuan 395/mt,
sources said.
China National Coal Group's 5,000 kcal/kg NAR coal product will
fetch Yuan 364/mt FOB Qinhuangdao Port, down Yuan 1/mt on-month,
and with the discount for customers buying large volumes the price
will effectively be Yuan 354/mt.
Domestic 5,500 kcal/kg NAR coal (0.8% sulfur) was currently
trading at Qinhuangdao port at Yuan 375-385/mt FOB, said sources in
China.
A Shanxi-based trader was heard offering spot 5,000 kcal/kg NAR
domestic coal with 0.8% sulfur at Yuan 335/mt FOB Qinhuangdao Port
against bids heard at Yuan 330/mt.
Kalimantan cargoes
In the Indonesian thermal coal market bids post the holidays were
heard at levels similar to a week ago. Another Singapore-based trader
said that before the holidays, bids for 3,800 kcal/kg NAR coal were
below $27/mt FOB on a geared-vessel basis.
A major producer had neem offering the material then at $26.50/
mt FOB.
“[Chinese coal producers] have been suffering from this bearish
market. They are laying off employees,” he said.
Most sellers were now looking at other markets, since China was
buying fewer imports.
Moreover, buyers were delaying their purchasing decisions as they
expected prices to continue to fall.
The PCC 1 price assessment for domestic thermal coal with a
calorific value of 5,500 kcal/kg NAR traded at Qinhuangdao port came
out at Yuan 379/mt FOB, and the PCC 2 price assessment for 5,000
kcal/kg NAR domestic coal FOB Qinhuangdao basis was Yuan 332/mt.
Copyright © 2015 McGraw Hill Financial 8
Currency volatility hampers Indonesian
thermal coal deals ...from page 1
There was an appreciation of about 6% in the Indonesian rupiah
compared to last week, he noted, adding that if the appreciation
continued, miners would have to revise offer prices higher.
However, he doubted buyers would accept any upside in prices
amid the supply glut.
The Indonesian rupiah has appreciated to 13,872.18 against the US
dollar as of October 7, from 14,764.12 October 1.
“I feel skeptical to judge prices now. We have been taking short
positions this year,” said another Indonesia-based trader.
There were plenty of offers in the market and China was yet to fully
return from the holidays, he added.
Although there have been sporadic inquiries from India, they have
failed to translate into deals, owing to a wide bid-offer gap.
An October-loading geared vessel cargo of East Kalimantan 4,200
kcal/kg GAR coal was being offered at $27/mt FOB, but there was no
buying interest, a Singapore-based trader said, noting that the quality
of the coal is “good” with about 0.2% sulfur and ash of 3-4%.
“But people won't take it. They want cheap cargoes,” he said.
Sentiment still bearish
The Singapore-based trader added that sentiment had remained
bearish because many producers continue to pump supply into the
market amid limited demand.
“They have to realign with the market's needs and stop increasing
their production,” he said.
Offers for October- or November-loading Supramax cargoes of
4,200 kcal/kg GAR coal were at $26-$27/mt FOB, the producer said.
However, he noted there was no scope for further downside to prices
for low-CV coal as miners were already selling at production cost
levels.
“Production cuts have to happen, otherwise everyone would be
making a loss irrespective of the size of the miners,” he added.
The bearishness continued in the mid-CV market owing to
competitive offers from South Africa, the second Indonesia-based
trader said.
He said offers for 5,000 kcal/kg GAR coal from major miners were
still at $39-$39.50/mt FOB on a gearless vessel basis, but he pegged
the fair value at $38/mt FOB on gearless vessel basis.
Moreover, low procurement prices from South Korean utilities,
limited interest from China and India have been adding onto the
downward pressure on prices, he noted.
The alternative market
Given the limited demand in India, the Singapore-based trader said,
his company was focusing on selling to other markets particularly to
the Philippines and Vietnam.
He had found more liquidity in these markets and, in the
Philippines, buyers were willing to pay a bit of premium to get their
cargoes.
The miners were trying to penetrate into these emerging markets
Coal trader international Thursday, October 8, 2015

Platts monthly metallurgical coal relativities table - Sep 30, 2015

Sep 30 Spread Spread
CSR VM TM Ash S P Fluidity Vit % CFR China vs PLV vs HCC 64
ad ar ad ad ad ddpm $/mt
Peak Downs 74 20.50 9.50 10.50 0.60 0.03 400 71 87.75 101.15%
Saraji 72 18.50 10.00 10.50 0.60 0.03 160 66 86.75 100.00%
Premium Low Vol 71 21.50 9.70 9.30 0.50 0.045 500 65 86.75 100.00%
German Creek 70 19.00 10.50 9.50 0.54 0.06 180 70 85.50 98.56%
Illawara 73 23.20 10.00 9.50 0.45 0.06 1200 53 85.25 98.27%
Oaky North 69 23.00 10.00 9.50 0.60 0.07 1500 79 84.75 97.69%
Oaky Creek 67 24.50 10.00 9.50 0.60 0.07 4000 80 84.75 97.69%
Goonyella 68 23.40 10.00 8.90 0.52 0.03 1100 62 85.00 97.98%
Goonyella C 70 23.50 10.00 9.90 0.55 0.04 1200 62 82.75 95.39%
Peak Downs North 68 22.80 10.50 9.80 0.51 0.05 900 63 82.50 95.10% 100.61%
Standard 70 23.50 10.00 9.50 0.45 0.09 100 54 82.50 95.10% 100.61%
Premium 70 25.50 10.00 8.80 0.60 0.08 200 59 82.25 94.81% 100.30%
Hail Creek 69 20.50 10.00 10.00 0.30 0.07 300 54 82.00 94.52%
HCC 64 Mid Vol 64 25.50 9.50 9.00 0.60 0.05 1700 55 82.00 94.52% 100.00%
Mavis Downs 63 22.00 10.00 8.00 0.35 0.05 75 82.00 100.00%
Lake Vermont HCC 62 21.50 11.00 7.50 0.44 0.07 120 50 82.00 100.00%
Carborough Downs 58 22.50 11.00 8.00 0.35 0.04 60 44 80.75 98.48%
Middlemount Coking 57 19.00 10.00 10.00 0.50 0.04 50 77.75 94.82%
Gregory 57 33.00 8.50 7.30 0.65 0.03 7500 76 77.75 94.82%
September 30 freight rates. Australia to China: Panamax = $7.40/mt Capesize = $6.65/mt
Notes: ad = air-dried; ar = as received; CSR = coke strength after reaction; ddpm = dial divisions per minute
Sep 30, FOB Spread Spread
CSR VM TM Ash S P Fluidity Vit % Hampton Roads vs US LV
d ar d d d ddpm
Oak Grove 70.50 21.75 8.00 9.30 0.56 900 65.20 90.00 106.51%
Bluecreek No. 7 71.00 19.85 7.00 8.92 0.72 0.03 1113 69.60 89.50 105.92%
Bluecreek No. 4 61.50 28.39 7.00 8.54 0.71 0.04 21387 68.80 89.00 105.33%
Beckley 62.00 16.75 7.50 7.00 0.82 50 68.60 85.00 100.59%
Low Vol FOB USEC* 58.00 19.38 8.00 8.16 0.82 84.50 100.00%
Windber 51.20 16.50 8.00 7.00 1.00 25 83.25 98.52%
Buchanan 40.00 18.68 7.00 5.26 0.73 100 83.00 98.22%
Pinnacle 43.00 15.80 8.00 7.00 1.00 0.014  7 68.00 82.00 97.04%
* assumes inherent moisture of 2% for ad/d conversion. Aug 28 Panamax freight rates. Hampton Roads to Rotterdam = $9.80/mt, Hampton Roads to Brazil = $9.45/mt, Mobile to Rotterdam = $12.50/mt,
Platts monthly metallurgical coal assessments and relativities table provides April price assessments for various qualities of coking coal including Platts benchmark grades, premium low-vol and the
mid-vol marker HCC 64 Mid Vol. The price information provided is determined mostly from transactional data and spot market assessments, but also where applicable from theoretical calculations using
value-in-use (VIU).
Platts has developed a normalization tool based on VIU data to track the relative values of several coal qualities. In calculating a theoretical value-in-use, Platts may apply linear penalties and premia
within a certain range for coke strength after reaction (CSR), volatile matter, total moisture, ash and sulphur and non-linear adjustments for phosphorus, maximum fluidity and vitrinite percentage. For
each of the latter, no adjustments are applied within a “normal range,” but penalties or premia for these important price determinants are applied when specifications fall outside of the normal range.
However, market observations have a stronger bearing on the relativities than VIU calculations, and theoretical VIU-based relativities are recalibrated by observing spot market data including bids, offers
and trades for specific brands, and by observing the tradable or traded spreads between these brands.
The final assessed value is a combination of the observed market activity, the editorial evaluation of the coal attributes and the results offered by the calculations. Particular market events and specific
circumstances may also have an influence on the market for coking coal or individual grades. Platts observes and monitors all relevant market information for consideration in its assessments.
Since the July 2014 analysis, the table represents relativities at the end of the last working day of each month, rather than an average of relativities through the month.
Since the January 2014 analysis, the table represents relativities on a CFR China basis, rather than theoretical FOB Queensland basis. This is because discoverable relativities are more consistent CFR
China, likely due to the fact that seaborne suppliers compete on a delivered basis. In addition, FOB Australia relativities have been observed to be less consistent, perhaps due to discriminatory pricing
depending on the geographic destination.
Source: Platts

Copyright © 2015 McGraw Hill Financial 9

Coal trader international Thursday, October 8, 2015

Current Vessel Fixtures

Vessel Quantity (Mt) Origin/Destination Loading Dates Rate Charterer
Australia
China Shipping TBN 75,000 Dalrymple Bay/EC India Oct 25-Nov 3 $9.95 SAIL
TBN 75,000 Gladstone/EC India Oct 15-25 $10.25 SAIL
DHL TBN 160,000 Gladstone/Fangcheng Nov 5-15 $6.40 Win King
Xin Tai Hai 162,000 Hay Point/Qingdao Oct 3-9 $6.05 BHP Billiton
TBN 160,000 Hay Point/Rotterdam Oct 1-10 $10.50 BHP Billiton
KLC TBN 130,000 Newcastle/Samcheonpo Sep 21-30 $6.14 KEPCO
TBN 130,000 Newcastle/Zhoushan Sep 10-19 $6.85 Pangxin Energy
Canada
Oldendorff TBN 160,000 Roberts Bank/Rotterdam Oct 15-25 $11.10 TKS
Korea Line TBN 160,000 Roberts Bank/Taean Aug 22-31 $9.93 KEPCO
Ateni 80,000 Roberts Bank/Kaohsiung Aug 23-30 $8 CSE
TBN 58,000 Vancouver/Redcar Aug 25-31 $16.50 Cobelfret
TBN 60,000 Roberts Bank/Hamburg Aug 1-10 $15.90 Salzgitter
Colombia
Frontier Ambition 150,000 Puerto Bolivar/Rotterdam Oct 16-20 $7.00 SwissMarine
Cape Claudine EdF 150,000 Puerto Drummond/Rotterdam Oct 10-19 $6.50 Clearlake
Berge Kinabalu 150,000 Puerto Bolivar/Rotterdam Oct 1-10 $6.70 Cargill
Dream Canary 160,000 Puerto Bolivar/Rotterdam Oct 10-19 $5.25 Cargill
Berge Apo 150,000 Puerto Drummond/Sines Oct 1-10 $4.75 Noble
S.A. Altius 150,000 Puerto Bolivar/Rotterdam Sep 20-30 $5.60 SwissMarine
Altair Dream 160,000 Puerto Bolivar/Rotterdam Oct 1-10 $5.60 SwissMarine
Indonesia
Golden Feng 150,000 Taboneo/Mundra Oct 10-17 $5.50 Libra
TBN 75,000 Satui/Krishnapatnam Nov 1-5 $5.20 Avra Shipping
Aquajoy 150,000 Tanjung Bara/Mundra Oct 1-10 $5.95 Libra
TBN 65,000 Muara Pantai/Quanzhou Oct 12-18 $3.75 Zhejiang Pangxin
SK TBN 150,000 Indonesia/Mundra Sep 17-22 $4.10 Libra
K. Adventure 150,000 Kalimantan/Mundra Sep 7-15 $4.90 Libra
TBN 65,000 Tanjung Bara/Brindisi Sep 9-15 $11.70 Noble
South Africa
TBN 75,000 Richards Bay/India Oct 15-20 $8.50 Libra
TBN 75,000 Richards Bay/Dahej Oct 1-10 $8.50 Libra
Lillian 60,000 Richards Bay/Jorf Lasfar Sep 15-30 $5.50 EdF
Battersea 150,000 Richards Bay/Mundra Sep 10-24 $5.25 E.ON
TBN 150,000 Richards Bay/Mundra Sep 10-24 $5.25 E.ON
Medi Tokyo 60,000 Richards Bay/Jorf Lasfar Aug 16-31 $6.50 EdF
United States
RWE TBN 120,000 Baltimore/Mundra Oct 20-30 $17 Trafigura
Omiros L 70,000 CMT/Rotterdam Oct 15-21 $8.60 E.ON
Cosco TBN 125,000 Hampton Roads/Rotterdam Oct 17-26 $7.75 TKS
Hector 70,000 CMT/Rotterdam Oct 1-10 $9.25 E.ON
Frontier Ambition 125,000 Hampton Roads/Rotterdam Oct 10-20 $7.50 TKS
Jupiter 75,000 Hampton Roads/Rotterdam Sep 29-Oct 8 $7.35 TKSE
Medi Hong Kong 75,000 CMT/ARA Sep 20-30 $9.25 E.ON
Red Lily 70,000 CMT/ARA Sep 10-20 $8.75 cnr

TBN=To be nominated. PPT=Prompt

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