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Learning Platform - "Markets & Trading"

Course: Coal & Freight

About the Course

In the first level of the “Coal & Freight, Coal & Freight Markets & Trading” programme focus is on the physicality of coal and chartering of vessels. The programme covers the coal value chain, and ranges from production, via transport, to its processing and consumption. Coal consumption by industry and power generators is covered by this in this programme. Students also learn about vessels, transport routes and technical features.

Knowledge of physicality is essential in order to understand pricing mechanisms and the organisation of coal markets. Without knowledge of physical features one cannot embed logic with respect to trading & risk management.

Course Contents

The coal value chain

  • Production, transport, stock piling & consumption in a nutshell
  • About steam coal and coking coal allocation

Coal reserves & quality – Production & consumption

  • About the volumes of production and consumption
  • Concerning conventional and unconventional coal reserves
  • Peat, (sub-)bituminous coal, lignite, anthracite & graphite
  • About the content of sulphur, ash, moisture

Shipping – Cargo, vessels & routes

  • About the competition between coal, metals & soft commodities
  • Concerning panamax, suezmax, capesize vessels and others
  • Covering important shipping routes & transport capacity

Freight – Chartering & incoterms

  • About trip charters and time charters
  • About terms & conditions of shipping; p.e. free of board (FOB), cost of insurance and freight (CIF) and delivery at ship (DES)
  • Concerning lay-time and demurrage

Pricing of freight – Baltic indices

  • About the internal and external factors of influence
  • Concerning the Baltic indices, such as the Baltic Dry index (BDI)
  • Covering fleet composition and fleet age

Pricing of coal – Price driving factors & benchmarks

  • Re fundamental price drivers
  • About production capacity and flooding of mines / shafts
  • Concerning the substitution effect with natural gas
  • Covering sustainability and renewables

Exam & Certification

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