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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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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Australian Coal Association
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
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