European 2014 Coal Declines Most in Two Weeks as Ship Rates Rise
European coal for 2014 declined the most in two weeks as shipping rates rose, implying increasing exports of the fuel from the U.S.
Thermal coal for delivery to Amsterdam, Rotterdam or Antwerp next year dropped as much as 90 cents to $99.50 a metric ton, according to broker data compiled by Bloomberg. That’s the biggest decline since Jan. 31. The contract traded at $99.60 a ton at 4 p.m. London time.
Returns for Panamax vessels that haul coal and other commodities strengthened to a two-month high, figures from the Baltic Exchange in London showed today. An increase in coal exports this week amid colder weather is helping boost rates for Panamaxes, the biggest vessels to navigate the Panama Canal, according to analyst Dominic Hardy at Galbraith’s Ltd., a London-based shipbroker.
Bloomberg tracks broker data from ICAP Plc, GFI Group Inc., Marex Spectron Group Ltd., Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.
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