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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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Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Minerals Council of Australia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
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