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