Marcus Ohm, HLB Mann Judd Perth, said the strong end to the year reflected the resilience of Australia’s economy amid particularly tough business conditions.
“COVID-19 brought with it a unique set of circumstances and the March and June quarters of 2020 saw historically low volumes with only 12 companies listing,” Ohm said.
“The June quarter in particular was heavily impacted by falls in the wider market and high levels of investor uncertainty.
“But there were signs of improvement by September, which was arguably reflected in Australia’s broader economic position, and the December quarter then experienced a resurgence in activity with volumes and funds raised being the highest in a single quarter since 2010.”
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Coal miners are pleading with the Morrison government to work with Beijing to secure an urgent removal of any restrictions targeting Australian coal imports in China and restore stability to the two countries long-term trading relationship.
After Chinese state-run media reported a group of 10 power plants had been given permission to import coal cargoes from all countries except Australia, shares in ASX-listed coal producers fell on Tuesday. Yancoal shed 8.4 per cent, Whitehaven lost 5.8 per cent and New Hope lost 2.7 per cent. Coal port owner Dalrymple Bay Infrastructure, which floated on the ASX last week, dropped another 5.4 per cent.
Australia is a major exporter of thermal coal to China.
Investors are not buying into the myth of a coal industry ‘renaissance’
At the world’s biggest coal export port in England, no China-bound ships are waiting or scheduled to load before Christmas
By Ben Smee and Ben Butler / The Guardian
Three years ago, pictures of bulk carriers lined up off the coast of Mackay, Australia, were framed as evidence of a “renaissance” in the coal industry.
There were more than 70 coal ships in the offshore gridlock in December 2017. This year, there were just 12 waiting equaling a record low set at the height of the COVID-19 pandemic.
At the world’s biggest coal export port in Newcastle, England, no China-bound ships are waiting or scheduled to load before Christmas. More than 50 ships carrying Australian coal are reportedly waiting off the Chinese coast.
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