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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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Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
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