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