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Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
 Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal prices and adding order uncertainties for exporters, Fitch Ratings and CRU say. Miners from Australian and Indonesia are the most exposed, but the credit impact is muted thanks to sufficient rating headroom as we have already incorporated a downward pricing trend in our rating assumptions.
The Chinese coal market’s tightness has eased due to a combination of weaker demand and improved domestic supplies. Chinese coal demand has declined as residential power consumption reduced at the end of the winter heating season in mid-March and hydro supply increased in south China due to heavy rains. Chinese domestic coal supply has gradually improved in recent quarters as the pace of capacity closures has slowed and incremental capacity has been expedited to bring down fuel costs, according to CRU. Inventories at the six main power producing groups edged up to 16.0 million tonnes in late March, 13% higher than the average for 2018 of 14.1 million tonnes.
Growing domestic supply is likely to prompt the Chinese government to tighten control over thermal coal imports. This would imply higher order volatility and risks for seaborne coal suppliers targeting the Chinese market, which are mainly miners in Australia and Indonesia. The Chinese government appears to have adopted an on-and-off importing policy since 2017 by implementing stricter checks when domestic supply is sufficient and speeding up clearing when domestic supply is tight. Australian coal cargoes, for example, have been facing increasing delays clearing customs at Chinese ports since February, according to CRU.
While seaborne coal remains price competitive compared to domestic coal, risks of long clearing time and import bans may discourage Chinese consumers from using seaborne coal, especially when domestic supply is sufficient.
Australian coal producers are likely to face the risk of order cancellation, and to some degree, be forced to compete for sales in alternative countries. This may lead to weak prices in the seaborne market, especially for the mid-content-value coal of around 5,500kcal/kg that Chinese importers typically buy from Australia.
Imports from Indonesia have been less affected by the recent Chinese controls, according to press reports, although Indonesian producers are still likely to come under pressure to find new markets due to overall declining Chinese demand for seaborne coal, as well as increasing Indonesian domestic output, and weaker-than-expected domestic demand.
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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
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