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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Planning Commission, India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
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