LONDON AND SINGAPORE – 12 November 2009
globalCOAL® announced today that the French corporate and investment bank Calyon SA has joined the globalCOAL trading platform as a Market Member.
Calyon’s involvement in commodities spans energy (including oil and by-products, biofuels and coal), metals and softs, where it offers risk management solutions and investment products.
“With its membership, Calyon joins ranks with a number of financial market participants that have initiated or stepped up activity in the coal market in the last year,” said Patrick Markey of globalCOAL in Singapore. “The financial players will continue to strengthen the coal market by providing much-needed liquidity.”
Calyon SA brings the total number of Market Members on the globalCOAL platform to 95.
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LONDON AND SINGAPORE – 6 November 2009
globalCOAL® announced today that Mercuria Energy Trading SA has joined the globalCOAL trading platform as a Market Member.
The Mercuria Energy Group is an energy trading company involved in a wide range of energy commodities including crude oil and refined products, natural gas, power and emissions, and now the global coal trading market. With a strong focus on coal origination, the main trading offices in Geneva, Singapore and Houston will be supported by local offices in major coal exporting countries including Indonesia, South Africa and Colombia.
“We are proud to see Mercuria join the ranks of globalCOAL Market Members,” said Eoghan Cunningham, CEO of globalCOAL. “As a trading organisation, Mercuria is well-established in the energy market and has solid experience of physical commodity trading. Their interest in coal is a superb endorsement for the opportunities that can be exploited in this market.”
Mercuria coal contacts:
Emanuele Novi (Jakarta) + 62.81.880.32.23
Alan Gillespie (Johannesburg) + 27.83.302.62.76
Matt Schicke (Houston) +1.713.315.1185
Ivan Van Niekerk (Singapore) + 65.98.32.32.10
Jan Backaert (Geneva) + 41.22.595.80.08
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LONDON AND SINGAPORE - 7 October 2009
globalCOAL® announced today that energy trading company Gunvor International BV has joined the globalCOAL trading platform as a Market Member.
Gunvor is headquarted in Amsterdam with its main trading offices located in Geneva, Switzerland and Singapore. The company is one of the world's major independent energy trading companies specialising in the trade, transport and storage of energy products including oil, petroleum products and now coal, gas, power and emissions.
"It is great to see a company like Gunvor leverage its strong market presence in the oil business to capture opportunities in coal trading," said Eoghan Cunningham, CEO of globalCOAL. "Such participants will play an important role in bringing new liquidity to the international coal markets."
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LONDON AND SINGAPORE - 10 August 2009
globalCOAL announced today that the London-based Mitsubishi UFJ Securities International plc has become the latest Market Member to join the globalCOAL trading community.
Mitsubishi UFJ Securities International plc (MUSI) is the UK-incorporated European hub of the global securities and investment banking business of Mitsubishi UFJ Securities Co., Ltd. - itself part of the Mitsubishi UFJ Financial Group, one of the biggest financial institutions in the world. The company is based in the City of London with branches in Zurich, Frankfurt and Milan. Mitsubishi UFJ Securities International plc extends its twenty years of commodities trading expertise to the financial coal derivatives market. The products to be offered will range from plain vanilla swaps to bespoke, client-tailored solutions.
"We are delighted to welcome MUSI, a subsidiary of Japan's largest financial group, as part of the globalCOAL Market Membership," said Patrick Markey of globalCOAL in Singapore. "As the Asian market's interest in coal price risk management steps up, forward-looking financial institutions such as MUSI, with a significant Asian footprint, will be ideally positioned to capture flow business."
globalCOAL Market Members now number 93.
About Mitsubishi UFJ Securities International plc
A wholly-owned unit of Mitsubishi UFJ Securities Co., Ltd ("MUS"), Mitsubishi UFJ Securities International plc ("MUSI") is headquartered in London and provides investment banking and brokerage products and services. MUS [www.sc.mufg.jp] is the core securities company of the Mitsubishi UFJ Financial Group and offers a broad range of domestic and foreign securities and investment banking products and services, including brokerage, trading, underwriting, mergers and acquisitions, securitisation and corporate advisory services to individual and corporate customers in Japan and around the world. MUS' global network spans the UK, Germany, Switzerland, Italy, U.S., Singapore, Hong Kong, China and India.
For additional information on MUSI: www.int.sc.mufg.jp
MUSI Contacts:
Tetsuro Kono +44 (0)20-7577-2320
Richard House +44 (0)20-7577-2808
Julie Horiuchi +44 (0)20-7577-2806
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LONDON AND SINGAPORE - 5 August 2009
globalCOAL announced today that the gC ICE Newcastle Futures contract reached a new all time record in July 2009 with 6,620 lots (equivalent to over 6.6 million tonnes of coal) cleared via ICE Clear Europe.
Traded volume in the recently launched contract has grown steadily since its introduction in December 2008. The July record represents 36% growth on last month's volume, and a 10% increase on the previous record of 6,010 lots established in May 2009.
Open interest in the Newcastle Futures contract totalled 10,980 lots (just under 11 million tonnes of coal) at end of month - representing an average monthly growth of 17% in 2009.
Eoghan Cunningham, CEO of globalCOAL, said: "It is also interesting to see a pronounced shift towards the calendar contract as 75% of July's Newcastle volume transacted as calendar strips. This is a strong indicator of traders' confidence in the contract's long-term resilience and liquidity."
ICE Futures Europe's coal Futures offering currently consists of three financially-settled Futures contracts for Rotterdam, Richards Bay and Newcastle - the only actively traded international coal Futures contract worldwide.
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LONDON AND SINGAPORE - 4 August 2009
globalCOAL announced today that Tokyo-based Marubeni Corporation has joined the globalCOAL trading platform as a Market Member.
Marubeni Corporation is one of Japan's leading trading houses with 5,500 employees domestically and abroad. Its activities span the international and domestic trade of goods in a variety of sectors including textile, pulp and paper, foods, chemicals, metals and minerals, iron and steel products, and energy. Through its subsidiary Marubeni Coal Pty Ltd, the company has investments in coal mines in Australia. Marubeni Corporation is listed on the Tokyo Stock Exchange.
"As one of the largest sogo shosha and a significant investor in the Australian coal mining sector, Marubeni is a valued addition to the globalCOAL Market Membership," said Patrick Markey of globalCOAL in Singapore. "The steady growth of globalCOAL's Japanese Market Member contingent is an encouraging indication of the growing interest for standardised trading and risk management in the Asia-Pacific region."
Marubeni is globalCOAL's twelfth Japan-based Market Member.
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LONDON AND SINGAPORE - 3 July 2009
globalCOAL® is pleased to announce the launch of version 7 of its Standard Coal Trading Agreement (SCoTA®), which will become effective on Sunday 5 July at 18.00 GMT. The objective of the latest review was to refine the Newcastle RSS in response to market developments and logistical changes at the Port.
James Meredith, globalCOAL's SCoTA Contract Manager, said: "This new version of SCoTA will provide greater efficiency for buyers and sellers of Newcastle coal, and better clarity for all contract users. As port regulations, international law and trading practices evolve, so does SCoTA."
Highlights of the changes:
Modification of the minimum traded clip size at Newcastle from 15kt to 25kt to better align train sizes and parcel sizes;
Addition of a sanction violation clause to prevent OFAC blocked vessels from being nominated;
Introduction of a bilateral option for the settlement of shipment tolerances at index price;
Streamlining of the nomination process for Newcastle purchases.
Eoghan Cunningham, CEO of globalCOAL, added: "This is the first version of SCoTA to be drafted according to the new globalCOAL SCoTA Revision Process. The streamlined methodology has proven a true success - enabling globalCOAL to gather market feedback and deliver a contract revision in just over three months."
SCoTA version 7 will be effective and supersede version 6b from 18.00 GMT on Sunday 5 July 2009. Trading will start on Monday 6 July.
globalCOAL's SCoTA is the world's best established standard contract for international coal trading. The contract was developed by globalCOAL through a consultative approach with Market Members and stakeholders, and is continuously updated in line with market evolution. The contract covers delivery of standard coal at the world's major trading hubs including Newcastle Port, Richards Bay, Amsterdam-Rotterdam-Antwerp, and a range of Indonesian ports.
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LONDON AND SINGAPORE - 15 June 2009
globalCOAL announced today that Switzerland-based Trafigura Beheer B.V. has joined the globalCOAL trading platform as a Market Member.
Trafigura is an independent commodity trading outfit based in Lucerne, Switzerland. The company is the world's third largest independent oil trader and the second largest independent trader in the non-ferrous concentrates market, with access to approximately US$17 billion in credit facilities and investments in industrial assets around the world of more than US$1 billion.
"Trafigura is a major player in the energy markets with solid experience in physical trading," said Eoghan Cunningham, Chief Executive Officer of globalCOAL. "It is heartening to see such a well-established trading house show interest in the coal market, and a good indicator of how far the market has developed in terms of standardisation and the trading opportunities it affords."
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LONDON AND SINGAPORE - 5 June 2009
globalCOAL announced today that MPX Comercializadora de Combustiveis Ltda, subsidiary of Brazil-based MPX Energia S.A., has joined the globalCOAL trading platform as a Market Member.
MPX Energia S.A. is an energy company with a diversified generation portfolio, maintaining activities in fuel supply, generation and commercialisation of energy. MPX operates in countries that include Brazil, Colombia and Chile.
"globalCOAL is pleased to welcome its first Brazil-based Market Member," said Patrick Markey of globalCOAL. "MPX has shown a strong commitment to developing its coal-related activities in recent years and we are happy that the globalCOAL platform will help support their access to coal market information going forward."
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LONDON AND SINGAPORE - 7 May 2009
globalCOAL announces today that Fair Energy SA has become the latest Market Member to join its online coal trading platform.
Fair Energy is a Switzerland-based energy trading company. The firm is a global player in the oil and biofuel markets, sourcing, trading and supplying the full spectrum of both petroleum and biomass products from the raw material to the finished pure or blended products. Fair Energy joins globalCOAL due to its interest in the Russian coal market.
Eoghan Cunningham, CEO of globalCOAL, said: "We are delighted to welcome Fair Energy to the globalCOAL trading community. Their wide-ranging experience of the energy markets makes them a great addition to our Membership."
Fair Energy SA brings the number of Members on the globalCOAL platform to 90.
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LONDON (UK) AND SINGAPORE - 1st May 2009
globalCOAL announced today that the gC ICE Newcastle Futures contract broke all previous monthly record volumes by trading 5,095 lots in April, representing over 5 million tonnes of coal.
Traded volume in the Newcastle contract has grown steadily since the product's launch in December 2008, but the month of April saw this growth accelerate considerably with a gain of 10.4% on the previous month.
A total of 54,450 lots of ICE coal Futures, equivalent to more than 54 million tonnes of coal, transacted through the ICE platform in April. Open interest in the ICE coal Futures contracts grew significantly over the period, and stood at 51,238 lots as of 29 April - an increase of 12.3% against last month's close.
Eoghan Cunningham, CEO of globalCOAL said: "We are delighted to have experienced such a strong month for the gC ICE Newcastle contract. The participation of new players, including some based in the Asia-Pacific region, has strengthened liquidity and will continue to encourage yet more traders to join the market."
ICE Futures Europe's coal Futures offering currently consists of three financially-settled Futures contracts for Rotterdam, Richards Bay and Newcastle, providing coal market participants with unparalleled opportunities for risk management, trading and arbitrage. globalCOAL and ICE are currently developing a fourth contract to be launched in 2009: a Futures contract for the Atlantic market with physical settlement at North-West European ports.
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LONDON AND SINGAPORE - 24 April 2009
globalCOAL announced today that HMS Bergbau AG has joined the globalCOAL online coal trading community.
Berlin-based HMS Bergbau AG is an independent coal trading house specialising in just-in-time deliveries of thermal coal to power plants and other industrial consumers. The company is also actively expanding its activities to span coal production and logistics solutions. HMS has been listed on Germany's Frankfurt Stock Exchange since December 2008.
"We are pleased to welcome HMS Bergbau to the globalCOAL trading platform", said Eoghan Cunningham, CEO of globalCOAL. "Their global view and innovative approach to growth - including investments in Indonesian assets - make them a great addition to our Membership."
HMS Bergbau AG brings the number of Members on the globalCOAL platform to 89.
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LONDON AND SINGAPORE - 07 April 2009
globalCOAL announced today that PT Adaro Indonesia has joined the globalCOAL online trading platform as Market Member.
"We are extremely pleased to welcome PT Adaro Indonesia to the globalCOAL membership", said Patrick Markey of globalCOAL. "As one of the earliest developers of the Indonesian coal industry, they truly represent another significant step forward in globalCOAL's penetration of the Asian market."
Indonesia continues to be a major focus for globalCOAL, who is currently revising and expanding the suite of Indonesian coal specifications within its SCoTA contract to effectively cover all export qualities. Meanwhile, the use of the gC NEWC Index continues to gain ground amongst Indonesian producers as the basis of index-linked contracts and for price benchmarking.
PT Adaro Indonesia is the country's second-largest coal miner, with a concession to mine coal in the Tanjung district of South Kalimantan until 2022. The coal is exceptionally clean with 1.5% ash, 0.1% sulphur and low nitrogen and has been trademarked internationally as 'Envirocoal'. Envirocoal is widely used in power plants and industrial plants throughout Europe, Asia and the Americas.
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LONDON AND SINGAPORE - 3 April 2009
globalCOAL announced today that volumes of physical coal traded on its online platform hit record highs in the first quarter of the year.
Transacted volumes reached 19.4 million tonnes in the first three months of 2009 - almost double the tonnage traded in the same period last year. This was lead by a noteworthy performance in the Richards Bay hub, where a total of 11 million tonnes traded - a 165% improvement on 2008.
Liquidity also grew in the ARA contracts, which experienced an all-time record quarter with just under 5 million tonnes traded. This is 1.8 million tonnes over the previous record set in Q1'08. Trading in the Newcastle contract remained strong with over 3.4 million tonnes transacted, or 29% growth on the same period last year.
"We are delighted with the increase in volume we have seen this quarter, especially in light of the credit constraints brought about by the current financial crisis," said Eoghan Cunningham, CEO of globalCOAL.
On the rationale behind this growth he stated: "Traders have now fully familiarised themselves with SCoTA terms and feel secure that the contract works and is robust. This has helped sustain the growth in liquidity that we've experienced over the last 24 months."
"Furthermore, the introduction of EFPs has assisted this increase in volume by mitigating the impact of a tight credit environment. Although EFPs only represent less than 10% of the market at this moment, we expect that proportion to grow significantly in the short to medium term," Eoghan Cunningham added.
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LONDON (UK) AND SINGAPORE - 1st April 2009
globalCOAL announced today that the ICE coal Futures portfolio gained yet more momentum during the month of March, shattering the record previously set in February by over 44%. This is the third record month in a row for the suite of coal contracts on ICE.
A total of 59,275 lots, equivalent to more than 59 million tonnes of coal, were cleared through ICE Clear Europe in March. The Rotterdam contract performed well with 40,460 lots, representing almost 40% growth on last month. The Richards Bay contract saw volumes boosted by more than 80% over February, and also reached a new record with 14,200 lots traded.
The recently launched gC ICE NEWC contract continued to steadily establish itself and gain ground in the overall Newcastle coal derivatives market. In March, 4,615 lots, or just over 4.6 million tonnes, were cleared via ICE, once again surpassing last month's record volume.
Eoghan Cunningham, CEO of globalCOAL said: "Rarely do you see Futures contracts gaining traction as quickly as the gC ICE NEWC Futures. Within the 4 months since launch, approximately 15 million tonnes of Newcastle coal have traded, with open interest now standing at 5,945 lots. This truly demonstrates how efficiently the contract responded to the NEWC market's demand for a risk mitigating solution to the credit crisis."
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LONDON (UK) -- 24 March 2009
globalCOAL published today an information note for its Market Members with reagrds to 'Blocked Vessels' under OFAC Rules.
The file can be downloaded by Market Members from the Compliance section of the globalCOAL website.
Please note this briefing is a guide for information purposes only, and is not intended to be a substitute for taking legal advice. globalCOAL accepts no responsibility for any actions taken or not taken in reliance on it.
Kindly direct any questions to compliance@globalcoal.com
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LONDON AND SINGAPORE - 17 March 2009
globalCOAL announced today the addition of another Market Member to its online coal trading community: J.P. Morgan Ventures Energy Corporation.
J.P. Morgan Ventures Energy Corporation is a wholly-owned subsidiary of JPMorgan Chase & Co. (NYSE: JPM) - a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries.
"We are delighted to see a second JPMorgan entity join the globalCOAL platform", said Eoghan Cunningham, CEO of globalCOAL. "Despite difficult trading conditions in the global financial sector, investment banks' appetite for the underlying dynamics and volatility of the coal market remains strong. The financial players will continue to strengthen the coal market by providing much-needed liquidity."
J.P. Morgan Ventures Energy Corporation brings the total number of globalCOAL Market Members to 88.
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LONDON AND SINGAPORE - 16 March 2009
globalCOAL announced today that Straits Global Trading Pte Ltd has become the latest Market Member to join its online coal trading platform.
Singapore-based Straits Global Trading is a subsidiary of SGX-listed Straits Asia Resources. The trading company was set up to manage the marketing and sales of commodities produced by the Group, particularly bulk commodities. Straits Asia Resources owns two producing coal mines, both in Indonesia: Sebuku mine on Sebuku Island in South East Kalimantan, and Jembayan mine near Samarinda in East Kalimantan.
"This is another noteworthy addition to globalCOAL's Market Membership", said Patrick Markey of globalCOAL. "With the significant production capacity and dynamic development history of its parent company, Straits Global Trading joins the extensive contingent of Asian-based physical coal market participants in the globalCOAL trading community."
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LONDON, UK - 2nd March 2009
globalCOAL announced today that ICE Futures Europe has introduced new margin offsets between its Coal Futures and Emissions contracts.
The new arrangement will ensure that Clearing Members with offsetting positions in the two contracts will benefit from a 45% reduction on their margin requirements. This will apply to all ICE Coal contracts including Rotterdam, Richards Bay and gC ICE Newcastle, and the ICE ECX EUA and CER Futures contracts.
"This is great news for power and energy traders around the world who trade coal and emissions in tandem", said Eoghan Cunningham, CEO of globalCOAL. "ICE's decision to offer margin offsets between the two commodities is an accurate reflection of commercial reality, which will result in greater capital efficiency for traders. This truly enhances the value of the ICE Coal Futures portfolio as a whole."
Both of ICE Futures Europe's Coal and Emissions portfolios posted record volumes in February 2009. ICE cleared a total of 41,080 coal contracts (equivalent to 41 million tonnes of coal), surpassing the previous month's record performance by 780 lots, whilst Emissions volumes reached a new all time high of 447 million tonnes.
Note to editors: Margin offsets for futures are credits to initial margin requirements on positions held by Clearing Members. Margin offsets reduce the total amount of collateral that must be pledged by the Clearing Member to the Clearing House.
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LONDON AND SINGAPORE - 24 February 2009
globalCOAL announced today that VTB Capital Plc has become the latest Market Member to join its online coal trading platform.
VTB Capital Plc is VTB Group's investment business, with offices in Moscow, London and Singapore. VTB Capital Plc focuses on arranging operations in the debt, equity and global commodities markets, developing private investments, asset management, and advising clients on M&A and equity capital market deals in Russia and abroad.
"We are delighted to welcome VTB Capital to the globalCOAL Membership", said Eoghan Cunningham, CEO of globalCOAL. "Their leading position within the Russian financial sector and their access to coal market participants further strengthens globalCOAL's international reach."
VTB Capital Plc is authorised and regulated by the Financial Services Authority in the UK.
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LONDON, UK - 5th February 2009
globalCOAL today announced that the ICE gC Newcastle coal Futures traded 4,170 lots in the first full
month of trading in January 2009.
With a total of 40,300 ICE coal contracts (equivalent to 40.3 million tonnes of coal) cleared through ICE
Clear Europe, January contract volumes surpass the exchange's prior coal portfolio record established
in October 2008 by 6,560 lots.
The ICE Rotterdam coal Futures contract remained the top performing product with a total of 24.47
million tonnes, but it was the Richards Bay and Newcastle contracts that made the greatest strides.
Richards Bay traded a record 11,660 lots, increasing its share of the ICE coal portfolio to 29%.
Newcastle, in its first full month of trading, saw volumes jump to 4,170 lots, representing 10% of ICE's
January coal activity.
Eoghan Cunningham, CEO of globalCOAL said: "January 2009 coal futures volumes represent over 4
times the amount traded over the whole of 2007. These results support our positive outlook for the
growth of the cleared financial coal market. With a portfolio of financial coal contracts that now spans the
world's most important coal centres, ICE is providing coal market participants with unparalleled
opportunities for risk management, trading and arbitrage."
ICE Futures Europe's coal Futures offering was expanded on December 5th 2008 with the addition of the
gC ICE Newcastle coal Futures contract, launched in partnership with globalCOAL, to its existing
Rotterdam and Richards Bay coal contracts.
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LONDON (UK) AND SINGAPORE - 6 January 2009
globalCOAL® is pleased to welcome Whitehaven Coal Limited as the latest Market Member to join its online coal trading platform.
ASX-listed Whitehaven Coal Ltd is a mining company currently developing and operating coal projects in the Gunnedah region of New South Wales in Australia, and exploring further opportunities.
"Whitehaven Coal Limited represents a valuable addition to the globalCOAL membership, further boosting the contingent of physical market participants on the platform", said Patrick Markey of globalCOAL. "This will further contribute to the development of the Newcastle physical and financial markets on globalCOAL, including the continuing robustness of the NEWC Index."
A total of 10.8Mt of physical Newcastle coal was traded on the globalCOAL platform in 2008, a growth of 30% on 2007 tonnage.
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