Der, at Bloomie:
More than $500 million worth of Australian coal is on ships anchored off Chinese ports, as a diplomatic spat between the two countries cuts into trade, idles a portion of the world’s dry bulk carriers and threatens to spiral into a humanitarian crisis.
More than 50 vessels have been waiting a month or longer to offload coal from Australia, according to separate analyses of shipping data conducted by Bloomberg and data intelligence firm Kpler. There’s about 5.7 million tons of coal and approximately 1,000 seafarers on the anchored vessels, which are mostly Capesize and Panamax-sized vessels, according to Kpler.
Double der, at AFR:
China is paying through the nose for coal from North America while it rejects or defers shipments from Australia.
The high-priced coal buying was revealed in an update from Toronto Stock Exchange-listed Teck Resources, which said it had boosted sales into China and achieved a huge premium on Australian product.
Teck said it had seen increased demand and sales into China since the start of October, around the same time political tension between Canberra and Beijing were linked to Australian shipments being spurned or delayed.
…“Our contract sales to Chinese customers are also priced on the basis of CFR China price assessments. The most recent three cargoes were sold at prices between $US160 a tonne and $US165 a tonne CFR China.
Lol, $165. It’s available from QLD for $104. Triple der:
China says that it found many imported Australian coals failed to meet environmental standards.
And what has it achieved? Complete alienation from the Australian people and its democratic rivals rallying worldwide.
