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