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