Sunday, 21 Aug 2011
Coal inventories at leading ports in Europe climbed to this year’s highest level as transportation costs rose.
According to Elias Chibani, a trader based in Amsterdam with the energy-trading unit of Vattenfall AB, the largest Nordic utility, stockpiles at Europees Massagoed-Overslagbedrijf BV or Emo, the largest coal terminal in Rotterdam, come to 3.14 million tonnes. They total 1.75 million tonnes at the OBA terminal at Amsterdam.
Chibani said that “That is the highest stocking level since the beginning of this year.” According to a report by Barclays Capital, end users prefer to keep coal at ports because of elevated transportation expenses caused by low water levels in the Rhine River.
Chibani said that “There are more sellers than buyers now, after the restocking by utilities in the past few weeks.”
(Sourced Bloomberg)
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