New DelhiEW DELHI (Reuters) - Adani Enterprises has bought its first cargo of Russian coal in a bid to diversify its coal supply, Adani Coal and Carbon Credit Chief Executive Officer Vinay Prakash said on Monday.
Low freight rates particularly for capesize vessels were shrinking the difference in delivered costs for coal from origins such as South Africa, Colombia, Australia and Russia, allowing Indian importers to take a wider variety of coal, he said.
The March loading capesize cargo of low-sulphur coal will be shipped from a Pacific port by one of Russia's biggest exporters, he said.
He declined to name the Russian supplier.
The price was close to the current levels for South African coal, he added.
"We finalised our first Russian coal shipment yesterday," Prakash said.
"We have looked at taking panamax cargoes from Vostochniiy in the Pacific before but the freight was too high, in cape sizes it's much more viable," he added.
Prompt South African coal cargoes are currently trading at around $118-120 a tonne free-on-board Richards Bay. (Reporting by Jackie Cowhig,Reuters)
Tags ;Colombian coal, Australia, Pacific Port, South African coal price $118- 120 a tonne FOB Richards Bay
Low freight rates particularly for capesize vessels were shrinking the difference in delivered costs for coal from origins such as South Africa, Colombia, Australia and Russia, allowing Indian importers to take a wider variety of coal, he said.
The March loading capesize cargo of low-sulphur coal will be shipped from a Pacific port by one of Russia's biggest exporters, he said.
He declined to name the Russian supplier.
The price was close to the current levels for South African coal, he added.
"We finalised our first Russian coal shipment yesterday," Prakash said.
"We have looked at taking panamax cargoes from Vostochniiy in the Pacific before but the freight was too high, in cape sizes it's much more viable," he added.
Prompt South African coal cargoes are currently trading at around $118-120 a tonne free-on-board Richards Bay. (Reporting by Jackie Cowhig,Reuters)
Tags ;Colombian coal, Australia, Pacific Port, South African coal price $118- 120 a tonne FOB Richards Bay
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