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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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Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
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- VISA Power Limited - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Parliament of New Zealand
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
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