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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, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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