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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
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