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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, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- White Energy Company Limited
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
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