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Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
 India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power generation and is the third largest energy consumer, making it a vital commodity for India. According to Reuters, the country's coal demand for power generation is expected to be 821,000 kt in the focus year 2023-2024, an increase of 8% compared to last year.
Looking at India's seaborne coal imports, there is an increase of 19% from 2021 to 2022, with imports standing at 208,034.13 kt. This year, the country has already imported volumes equivalent to 37% of last year's imports, or 76,728.95 kt, a figure that is expected to rise further as we enter the second half of the year, and it is expected that more coal will be needed to meet the country's electricity demand. A closer look at quarterly coal imports shows that in 2021 and 2022, Q2 was the strongest period with 51,859.07 kt and 64,261.28 kt respectively. This makes sense as India's peak power season is in the summer months and stockpiling is needed to ensure energy security. On the steel front, the country is also experiencing growth in this industry. In 2023, India's steel demand is expected to be in the range of 130mmt -135mmt, about 6% higher than last year.
Taking a look at India's top importers, the top 4 are Indonesia, Australia, South Africa and Russia. As far as Indonesia is concerned, shipments to India have been increasing since 2021 and the trend is likely to continue. They totalled 49,417.93 kt in 2021, 86,675.97 kt in 2022 and currently stand at 31,530.67 kt for 2023, which is 36% of last year's imports. The same cannot be said for Australia and South Africa, as both countries' coal exports to India have been declining since 2021. Australia exported 68,003.09 kt in 2021, 55,440.31 kt in 2022 and 13,384.15 kt so far in 2023, 24% of last year's exports. South Africa exported 24,347.48 kt in 2021, 17,255.53 kt in 2022 and 9,230.68 kt so far in 2023, which is 53% of the 2022 volume, a remarkable figure, and the biggest amongst the top 4 exporters.
The same is true for Russia. India imported 6,987.85 kt in 2021, 18,941.25 kt in 2022, while imports so far stand at 9,523.40 kt, which is 50% of last year's imports. This could be explained by the traditionally lower price of South African coal compared to Australian coal, while Russian coal became more lucrative after the invasion of Ukraine.
The largest percentages of volume shipped to India this year compared to last are from South Africa and Russia, indicating a strong interest to continue on this path. This means that the demand for tonne miles is increasing, which in turn supports freight rates. The vessel types most used in this trade are Kamsarmax and Capesize. If the trend continues and India continues to import more coal from distant countries, rates for the trade may increase.
By Fotis Kanatas
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
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