Commodity Atlas
Categories/Energy/energy

Coal

Coal splits into thermal (power generation) and metallurgical/coking (steelmaking). The key benchmarks are Newcastle FOB (thermal) and PHRC (coking). Glencore is by far the largest coal trader. Trade flows predominantly Australia→Asia and Colombia→Europe.

Key Concepts

thermal vs met coalNewcastle FOBRichards Bay FOBcalorific valueash contentPHRC benchmark

Resources

  • IEA Coal Market Update

    Annual and quarterly coal market analysis from the IEA. Covers thermal and metallurgical coal trade, pricing, and demand by sector.

    ReportFree

    IEA

  • Splash247

    Accessible shipping industry news and commentary. Free. Good for daily headline awareness without specialist jargon.

    ArticleFree

    Splash247

  • TradeWinds News

    The leading shipping industry newspaper. Essential daily reading for shipping markets, company news, and freight rate movements.

    Article

    TradeWinds

Learning Path

Thermal vs Metallurgical Coal Market Structure

Thermal and metallurgical coal respond to different demand systems, with power load driving one and steel production driving the other.

2 case studies →

Quality Specs and Benchmark Spread Dynamics

Calorific value, ash, sulfur, and moisture differences drive benchmark spreads and delivered burn economics across regions.

2 case studies →

Coal Flows, Policy Risk, and Freight Feedback

Coal trade is highly policy-sensitive, so sanctions, import rules, and financing constraints can abruptly reroute ton-mile demand.

2 case studies →

Key Players

Glencore

Baar, Switzerland

Trading House

The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.

Revenue model

Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.

coalcopperoilzincnickelcobaltgrain

Largest coal trader globally; controls ~10% of seaborne thermal coal trade

Website

Market Snapshot

STALE

LSE:GLEN (GBP)

Price

N/A

Daily Change

N/A

Market Cap

N/A

P/E

N/A

As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run

Financial Snapshot

Public filing derived

FY

2024

Revenue

$217bn

EBITDA

$17.0bn

Net Income

$4.3bn

Confidence: medium · Source: Glencore annual reporting (rounded)

Rounded values for educational orientation.

Trafigura

Geneva, Switzerland

Trading House

The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.

Revenue model

Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.

oilmetalscopperzinccoal

One of the largest oil traders; pioneered prepay finance deals with African state oil companies

Website

Financial Snapshot

Private estimate

FY

2024

Revenue

200-300bn

EBITDA

8-15bn

Net Income

2-7bn

Confidence: low · Source: Company disclosures and market estimates

Private company ranges, not audited public filings.

Vitol

Rotterdam, Netherlands / Geneva, Switzerland

Trading House

The world's largest oil trader by volume. Vitol trades more than 7 million barrels per day. Privately owned by employees, Vitol is also active in LNG, power, and renewables. Operates VTTI storage terminals globally.

Revenue model

Thin margins on enormous physical volumes. Storage arbitrage (buy in contango, store, sell forward). Logistics and infrastructure ownership amplifies edge.

oillnggaspower

Largest oil trader by volume — moves ~7 million barrels/day

Website

Financial Snapshot

Private estimate

FY

2024

Revenue

300-450bn

EBITDA

10-18bn

Net Income

2-7bn

Confidence: low · Source: Company disclosures and market estimates

Private company ranges, not audited public filings.

Gunvor

Geneva, Switzerland

Trading House

Originally an oil trading company with deep Russian ties, Gunvor has diversified into LNG, coal, and power. Now fully independent after divesting Russian assets. Known for trading speed and opportunistic positioning.

Revenue model

Physical commodity trading with a strong focus on risk-taking and arbitrage across energy markets.

oillngcoalpower

Once the largest trader of Russian crude; successfully pivoted after 2022 sanctions

Website

Financial Snapshot

Private estimate

FY

2024

Revenue

100-170bn

EBITDA

3-8bn

Net Income

0.8-3.0bn

Confidence: low · Source: Company disclosures and market estimates

Private-company metrics normalized to USD ranges.

Mercuria

Geneva, Switzerland

Trading House

Founded in 2004 by ex-Goldman Sachs traders. Mercuria started in oil and has aggressively expanded into metals, agriculture, and energy transition commodities. Owns JPMorgan's physical commodities business.

Revenue model

Physical trading margins + proprietary positioning. Strategic acquisitions to build supply chain assets.

oilmetalsgascoalcarbon

Acquired JPMorgan's physical commodities business in 2014; active in carbon markets

Website

Financial Snapshot

Private estimate

FY

2024

Revenue

120-190bn

EBITDA

3-9bn

Net Income

0.8-3.5bn

Confidence: low · Source: Company disclosures and market estimates

Private-company metrics normalized to USD ranges.