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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
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