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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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- White Energy Company Limited
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
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