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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Planning Commission, India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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