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Accord Projects is working with a conglomerate of Indonesian mines to ship coal to India. They have been successfully shipping thermal coal to China previously and in 2014-15 shipped volumes of 14m to 15m tonnes.
However the bottom fell out of this market last year and they had stopped production since last October. A new opportunity has now come up in the form of demand from India, even though the demand will be about half, at 6 million to 7 million tonnes. The only difference is that Indian coal importers deal on a CIF basis and these producers have no experience in shipping the commodity.
Pappu Sastry, Director, Accord Projects has been working with the Indonesian counterparts to smoothen import processes and is set to get the first shipments going by October. He aims to get shipments of 500,000 tonnes a month once in full flow and will charter four to six panamax vessels a month to fulfil these orders.
Accord has also inked a contract for exporting coal to Penang in Malaysia but these comprise smaller volumes.
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