SA's coal sales to Europe rose eight-fold during the first half of 2022 compared with last year as demand for the fossil fuel surged ahead of a ban on Russian coal, Thungela Resources said.
In April, the European Union announced a ban on coal imports from Russia as part of sanctions for its invasion of Ukraine. The ban came into effect on August 10.
Ahead of the ban, European countries, which previously imported 45% of their coal from Russia and have been switching from expensive natural gas to coal, started to source the fossil fuel from other countries, including SA. Thungela, a leading local coal exporter and part of a consortium which owns Africa's largest coal export facility, the Richards Bay Coal Terminal , said Europe was competing with Asia for SA coal.
“It's worth noting that coal exports from RBCT into Europe have increased by about 720% from half a million tonnes in H1 2021 to 4.1 million tonnes in the first half of 2022,” Thungela CFO Deon Smith said during an investor call this week. “At the same time, exports to Asia from RBCT dropped by 17% compared to the first half of 2021,” he said, adding they enjoyed a freight advantage over Australian and South American coal.
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