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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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Minerals Council of Australia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
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