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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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
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