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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, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
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- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Parliament of New Zealand
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- ICICI Bank Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
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