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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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- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- White Energy Company Limited
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- The University of Queensland
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
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