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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, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
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