Reuters clients get exclusive insight into outlook for coal

Reuters clients on June 23 were given a unique insight into prospects for coal prices from major broker ICAP Shipping. ICAP, one of the world’s top brokers, said coal at current prices was more attractive to buy than sell because the medium to long-term prospects were bullish, driven by Indian and Chinese import demand. Georgi Slavov, ICAP’s head of dry freight research said that while fleet growth would put pressure on rates for larger vessels the coal market would provide support allowing for possible freight spikes later this year. The interview was widely picked up by shipping and coal news portals as well as trading and broker sites. Shipping analysts and traders said ICAP’s comments showed the bearish picture for dry bulk still meant there was scope for gains while also giving a clear view on the price environment for coal.