Hong Kong to be important Indonesia's coal financing and trading center
Monday, September 23 2013 - 08:49 AM WIB
Hong Kong is expected to be an increasingly important financing and trading center for Indonesia coal, a shipping executive said on Monday.
Danny Wu, Investment Director of Courage Marine Group Ltd., a dry bulk shipping company listed in Singapore and Hong Kong, stated that as a coal financing and trading center, Hong Kong has more than 20 listed companies related to coal exploration, mining, investment, financing and trading.
"Their total market capitalization is approximately about US$20.8 billion and the country origins of the companies are China, Indonesia, Mongolia and Russia," he said on its presentation at the 3rd Annual Business Meeting of Indonesian Coal Producers & Buyers, in Bali on Monday.
Danny added that currently Hong Kong has become a gateway into the China market, particularly for Indonesian coal into southern China, including Guangdong and Fujian provinces. "So Hong Kong has potentials to become a hub of coal financing, investment and trading platform in Asia and also to foster international cooperation and development especially for Indonesia coal," he said.
In 2012, Hong Kong imported about 12.3 million tons of coal, mostly steam coal, with Indonesia being the biggest supplier, accounting for 11.40 million or 92.6 percent.
Editing by Johannes Simbolon