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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
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