Even without official sanctions blocking Europe from Russian energy imports to date,resources consultancy Wood Mackenzie said Australian and United States coal producers were receiving “phone inquiries out of normal business hours” to supply markets that traditionally relied on Russia.
“European traders are desperately looking for tonnes,both on a spot basis as well as a term basis for the duration of the year,” Wood Mackenzie principal coal analyst Viktor Tanevski said.
“The feedback we’ve heard from Australian producers is there are inquiries coming in,decent inquiries in terms of tonnage – in some instances it might be 2 million tonnes per annum.”
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Whitehaven Coal and New Hope,two of the largest Australian coal miners,confirmed they had been approached about supplying coal cargoes to Europe.
“New Hope Group’s high-quality coals are in high demand in existing markets,however,the group will examine the opportunities for supply to European markets,” a spokesman for New Hope said.
Russia supplies nearly 40 per cent of Europe’s natural gas needs,and 60 per cent of its thermal coal. While European economic sanctions applied to Russia have so far excluded energy exports,financial restrictions on Russian banks are preventing some buyers from trading with Russian suppliers,and concerns are intensifying about deteriorating rail transport availability.