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