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