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