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