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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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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
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