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