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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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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Planning Commission, India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
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