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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, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
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