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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, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- The University of Queensland
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
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