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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
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