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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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