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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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Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
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Wednesday, 02 September 20
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Tuesday, 01 September 20
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Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
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- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Planning Commission, India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
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