Project Description
Summary:
Compared to the last 5 months, November BDI was trading relatively lower while the
trade data showed an interesting picture. There was a surge in coal trade as the trade war
between China and Australia intensified. There was an 18% rise in coal exports as China
sourced coal from elsewhere. South Africa exports nearly doubled from 7 million tonnes to
13 million tonnes as Australia volumes were down. Coal demand was at its highest since
last November last year but with power demand down due to COVID, there was a
scramble for supplies. Indonesia was the main beneficiary with exports growing 3 million
tonnes from October. Overall, the tonne mile effect increase trade above the trade
volume.