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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
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