Power Capital ceases Indonesian coal export ops

London-listed resource trading and logistics Power Capital Global Limited reported on Wednesday that it has temporarily ceased steam coal export operations from Indonesia pending revision to supply chain arrangements and improvement in credit security delivered from end producers

The company started coal trading business with the first shipment of 35,000 metric tonnes of Indonesian steam coal was contracted through a non-related entity and financed by a profit-linked loan provided by the company?s subsidiary PCG Coal Limited.

The trade was completed with a buyer in the People's Republic of China (PRC) and PCG Coal fully recovered its loan during the period under review without any profit or loss.

The second shipment of approximately 35,000 metric tonnes of Indonesian steam coal was contracted directly by PCG Coal and delivered to a buyer in Taiwan. The shipment was rejected on arrival in Taiwan for failure to meet stringent quality standards, the company reported. (alex)