MESSAGE
DATE | 2021-01-19 |
FROM | Ruben Safir
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SUBJECT | Subject: [Hangout - NYLXS] Chinese Economic extortion threatens the west
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From hangout-bounces-at-nylxs.com Tue Jan 19 19:10:28 2021 Return-Path: X-Original-To: archive-at-mrbrklyn.com Delivered-To: archive-at-mrbrklyn.com Received: from www2.mrbrklyn.com (www2.mrbrklyn.com [96.57.23.82]) by mrbrklyn.com (Postfix) with ESMTP id 3FADC163F60; Tue, 19 Jan 2021 19:10:28 -0500 (EST) X-Original-To: hangout-at-nylxs.com Delivered-To: hangout-at-nylxs.com Received: from [10.0.0.62] (www.mrbrklyn.com [96.57.23.83]) by mrbrklyn.com (Postfix) with ESMTP id B5ACE163F60; Tue, 19 Jan 2021 19:10:23 -0500 (EST) To: Hangout , "Wuhan(COVID)-19 Discussion and Medical Professionals" From: Ruben Safir Message-ID: <704a1206-926f-05dc-018c-22d1e745a1df-at-mrbrklyn.com> Date: Tue, 19 Jan 2021 19:09:24 -0500 User-Agent: Mozilla/5.0 (X11; Linux x86_64; rv:78.0) Gecko/20100101 Thunderbird/78.6.1 MIME-Version: 1.0 Content-Language: en-US Subject: [Hangout - NYLXS] Chinese Economic extortion threatens the west X-BeenThere: hangout-at-nylxs.com X-Mailman-Version: 2.1.30rc1 Precedence: list List-Id: NYLXS Tech Talk and Politics List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , Content-Type: text/plain; charset="windows-1252" Content-Transfer-Encoding: quoted-printable Errors-To: hangout-bounces-at-nylxs.com Sender: "Hangout"
Beijing=92s bar against Australian coal imports is upending global flows of the energy commodity, leaving dozens of loaded ships stranded off the Chinese coast and reshaping the direction of the seaborne trade.
The flotilla of coal carriers sitting outside Chinese ports has grown to some 65 vessels, according to ship brokers in Singapore and London. Ship operators and coal suppliers unable to find new buyers for their cargo are waiting out a trade dispute that has lasted several months.
China is the world=92s largest buyer of coal on international markets, and the country has stepped up purchases from Indonesia and other suppliers as the country=92s factories have sought to stoke a continuing economic rebound from the coronavirus-driven downturn. China began restricting the Australian imports early last year following Australia=92s criticism of Beijing=92s handling of the coronavirus outbreak. The bar has been a blow to a key export business for Australia and has maritime bulk carriers adjusting to changing global trade networks and the idling of a shipping capacity that is now effectively serving as floating storage for the commodity.
=93It=92s basically a trade war for Australia questioning China=92s line in= to the origins of the pandemic and the coal shipments are collateral damage,=94 said Peter Sand, chief shipping analyst at trade body Bimco. =93With China being the dominant buyer of coal, the vessels have no choice but to wait until the dispute is resolved.=94
The longest wait involves a bulk carrier that arrived in the waters off the Jingtang port in northern China on May 31, 2020, and has remained there with at least another five carriers that have been anchored for more than 200 days.
Brokers said three shipments from Australia have been diverted to Korea and Vietnam while Australian shipments to India have been steadily growing over the past three months.
China imports coking coal that is used to produce iron and steel that feed government-run infrastructure projects. Australia exports about two-thirds of all coking coal moved by ships, according to Bimco, which says China can=92t replace the supply of that grade of coal easily with imports from other countries.
=93Steel mills are working 24/7 producing record quantities,=94 said an executive at Hesteel Group Co. Ltd., China=92s fourth-largest steel producer. =93There is a scramble for coking coal and the port bottlenecks are complicating the supply chain.=94
Bimco data show China imported roughly 1.4 million metric tons of Australian coal in December 2020, down from 7.8 million metric tons in January 2020. Coal imports from Indonesia, which according to Bimco is the largest exporter of all types of coal to China, rose from about 9 million metric tons in January 2020 to 15.5 million metric tons in December.
Bimco estimates China=92s overland imports of coal hit a year high for 2020 in December, with a big part of the supply coming from Mongolia, which saw shipments jump to 8 million metric tons in September from less than 2 million metric tons in the first month of last year.
Beijing hasn=92t yet issued full-year import data by origin for 2020. More From Logistics Report
China-Australia Dispute Leaves Coal Carriers Stranded January 19, 2021 Commentary: Taxation May Be Global Shipping=92s Upcoming Game Changer January 17, 2021 Trucker YRC Got 95% of All Covid-19 National Security Loan Funding January 14, 2021
=93Overall the overland coal hauls are still small, but it=92s a worrying trend if the Australia-China trade war carries on,=94 said a Greek shipowner with a vessel stuck outside the northeast China Port of Bayuquan. =93If the overland import lines become established at competitive prices, a lot of ships will become unemployed.=94
The Chinese embargo is mostly affecting Australian miners like BHP Group Ltd. and Yancoal Australia Ltd. which can=92t get fully paid until their cargoes are delivered. As they wait for the ships to dock, they also pay for daily congestion charges that are about 20% of daily freight rates that are charged while the ship is steaming, depending on the length of the journey and the ship size.
Chinese shipping executives said there are signs that the dispute with Australia may be easing.
=93They=92ve stopped blaming each other and that=92s a good start,=94 a sen= ior executive of a Chinese dry-bulk carrier said. =93We expect a couple of the longest stranded vessels to start unloading in the next coming days, but it will take time before relations are fully back to normal.=94
https://www.wsj.com/articles/china-australia-dispute-leaves-coal-carriers-s= tranded-11611077697?mod=3Dhp_lista_pos5
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