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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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Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- The University of Queensland
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
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