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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
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