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