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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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Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
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