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Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
 In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Meanwhile, imports of lignite (a low-quality coal), which have risen strongly over the last few years, have remained a bright spot. In the first six months of the year, Chinese lignite imports increased by more than 20% y-o-y to 36mt, said Clarksons in its latest report.
Indonesia Dominant
Clarksons further said, Lignite has played an increasingly important role in China’s coal imports since 2009. Used largely in power generation (but also in paper mills and in the manufacture of building materials), lignite has a relatively low heat content, but due to its low quality has been attractively priced. As shown on the Graph of the Month, Chinese lignite imports have surged from 3mt in 2008 to 59mt last year.
According to Clarksons , Indonesia is the major supplier of lignite to China, accounting for 97% of China’s imports last year, with the Philippines accounting for much of the remainder. While Chinese imports of steam coal from Indonesia have also increased rapidly, the share of lignite in total coal imports from Indonesia has risen from 14% in 2009, to more than 50% in the year to date.
Driving Upwards
While favourable price dynamics have been the main factor supporting increasing steam coal and lignite imports, rapid growth in total coal consumption between 2008 and 2011 also provided some support. However, since 2012, growth in Chinese coal consumption has slowed notably, with total coal use up 0.7% y-o-y in 1H 2014. Meanwhile, the price differential between imported and domestic steam coal has narrowed, especially following several rounds of price cutting by domestic miners in July this year, said Clarksons.
As a result, imports of higher-quality steam coal (with a calorific value of over 5,000 kcal/kg) have become less competitive against domestic supplies. However, since lower-quality lignite has continued to be priced at a discount to higher-quality coal, power plants have kept costs down by continuing to use a blend of lignite and higher-quality coal in power generation, noted Clarksons.
Policy Risks
Consequently, Clarksons noted, the demand for imported lignite has remained relatively firm in the year to date, despite increasing efforts by the government to restrict imports of low-quality coal.
Last year, China re-imposed a 3% tax on lignite imports, but given the free trade agreement in place between China and ASEAN nations, volumes imported from Indonesia have been unaffected. Meanwhile, in July 2014, China introduced further regulations in some regions banning imports of low-quality coal transported a certain distance inland. However, a significant proportion of lignite is used in coastal power stations, many of which have geared their boilers towards using this type of coal.
Clarksons concluded that, so while recent efforts to restrict low-quality coal imports have not yet had a notable effect, regulatory trends may well limit lignite import growth in the longer-term. Yet in the short-term, favourable pricing and the current dependence of power plants on low-quality coal suggest that China’s lignite imports from Indonesia will continue to remain firm.
Source: Clarksons
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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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