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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, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
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