Master the language of the global coal market. Built by experts for the next generation of commodity traders.This specialized Anki deck, powered by Prep2Go and Bench Energy, is designed to help you internalize the complex terminology of coal trading, logistics, and analysis. Stop leafing through glossaries—start building a professional vocabulary that sticks.What's inside221 cards across three blocks:Block 1 — Universal Trading Foundation (102 cards) The mechanics every commodity trader needs regardless of what they trade. Pricing, Incoterms, hedging, trade finance, project finance, market structure. The vocabulary that underlies all physical markets.Block 2 — Coal Markets (68 cards) From geology to global market dynamics. How a mine makes money. How coal quality is measured and priced. Every major benchmark explained. The logistics chain from pit to port. What drives prices globally.Block 3 — Freight & Shipping (51 cards) Vessel types and their routes. How charter parties work. Demurrage, laytime, NOR. FFAs and freight hedging. LNG shipping. What moves freight rates and why.Sample cardsQ: What is a netback calculation and why is it the most important number for a producer? A: Working backwards from market price at point of sale, subtracting all costs to arrive at value at point of production — the real revenue per tonne. Example: API2 $120/t CIF ARA → minus freight $12 → minus port $8 → minus rail $35 → Netback at mine = $65/t. Compare to $45/t cash cost → $20/t margin.Q: What is the strip ratio and why is it critical to mine economics? A: Volume of overburden removed per tonne of coal extracted — the single biggest driver of mining cost over a mine's life. Example: Strip ratio 5:1 = remove 5 cubic meters of rock per tonne of coal. As mine deepens, ratio increases → cost rises automatically.Q: What does FOB mean and where does risk transfer? A: Seller delivers goods on board the vessel at named port. Risk transfers at the ship's rail. Buyer pays and arranges all freight beyond that point. Example: FOB Newcastle $105/t — seller pays everything to load coal on ship in Australia. From that moment: buyer's cost and risk.Full card list includesPricing: spot, forward, contango, backwardation, basis, arbitrage, cost curve, marginal producer Incoterms: all 11 terms (EXW through DDP) + risk spectrum + Incoterms 2020 changes Hedging: futures, swaps, puts, calls, collars, VaR, margin calls, FFAs, basis risk Trade finance: LC, bill of lading, RCF, prepayment financing, self-liquidating trades Coal geology: thermal vs met, HCC, PCI, JORC, seam economics Mining: open-cut, strip ratio, longwall, ROM, washing, yield, CHPP Costs: C1, AISC, royalties, NDPI, cost curve position Quality: CV, NAR vs GAR, ash, moisture, sulfur, quality adjustment, rejection limits Indices: API1, API2, API3, API4, API5, API6, ICI1–4, Newcastle, NEWC 5500, PLV HCC, LV/MV HCC, semi-soft, PCI Logistics: RBCT, Port of Newcastle, Bowen Basin, Kuzbass, Kalimantan, DBCT, Transnet Market: China dynamics, India growth, Atlantic-Pacific arbitrage, energy transition, weather impact Vessels: Capesize, Panamax, Supramax, Handysize, VLCC, Suezmax, Aframax, LNG carrier Operations: fixture, NOR, laytime, demurrage, dispatch, WIBON, Statement of Facts, bunkers, scrubbers FFAs: mechanics, settlement routes, freight options, market participantsFAQ Is this official exam material?No. Independent study aid — not affiliated with, endorsed by, or sponsored by the exam provider. Does this guarantee I will pass?No. The deck improves retention and exam readiness; your results depend on how consistently you study. Can I use it on my phone?Yes. Import the .apkg on Anki desktop, then sync to AnkiMobile (iOS) or AnkiDroid (Android). What file format is delivered?Digital download: Anki-compatible .apkg file through Gumroad. Refunds?Digital download — all sales final.Also available in a bundle: Ultimate Commodity Trader Anki Pack (METAL + OIL + COAL) — save vs buying separately.