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