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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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Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
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- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
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