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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- MS Steel International - UAE
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
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