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