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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- The University of Queensland
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Parliament of New Zealand
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
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