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Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
 Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
According to BHP, the gCNewc 6000 kcal/kg FOB Newcastle index (hereafter 6000kcal) averaged around $61/t over the half, down from around $68/t in the first half of financial 2020. Prices ranged from a high of around $74/t to a low of around $50/t. That is below the 2015/16 trough in real terms. Based on the Wood Mackenzie operating cost curve, more than half of seaborne supply (comprising all grades of energy coal) was likely experiencing negative margins with 6000kcal prices in the low $50s.
The 5500kcal index averaged around $49/t over the same period, with a high of around $58/t and a low of around $38/t, which was where it closed out the half year.
BHP’s Economic and Commodity Outlook further noted that, the spread between the spot indexes for gCNewc 6000kcal and 5500kcal reverted to historical average of close to 20 per cent in the second half of financial year 2020, down from around 30 per cent in the 2019 calendar year.
“While not directly relevant to our business, there was a compression of spreads between the lower grades of energy coal (the 5000, 4200 and 3400 gross–as–received29 kcal brackets) as prices traded deep into the cost curve. Supply has been “sticky” in most export jurisdictions, with the exception of Indonesia, where output has been materially lower. Indonesian supply is prominent in these lower quality brackets” says BHP. Developed Asian markets, who are the largest buyers of >5500kcal product, have been weak under the shadow of COVID–19. Japanese imports contracted by –3 per cent YoY in the first half of the 2020 calendar year, while power demand was down -4 per cent YoY, South Korean imports contracted by –11% per cent.
Chinese demand for seaborne energy coal according to BHP’s Economic and Commodity Outlook FY20, rebounded as lockdowns were lifted, with consumption of coal at coastal power plants back in the normal seasonal range by April 2020. Hydro generation has been inconsistent, along with the weather, with dry conditions early in the year then giving way to floods. The market consensus has been that the 271–281 Mt import inflow registered in calendar years 2017 and 2018 would serve as an informal objective for total coal imports (including metallurgical and lignite) in calendar 2020, rather than assuming that the jump to around 300Mt in 2019 was the new norm. Enforcement of quotas by month and by port, including clamping down on the practice of trading firms clearing customs at one port but discharging at another, have been somewhat effective. Even so, with so much product being forced to clear to China under the Great Lockdown, some provinces and individual ports had already exhausted full year quotas by May.
India saw a sharp decline in energy coal imports in January – June 2020 (–27 per cent YoY). Power demand declined by –7 per cent YoY in the same period, while domestic coal output was quite resilient, at –3 per cent YoY.
Demand from the Atlantic and Mediterranean regions was weak in advance of COVID–19 and lockdowns have deepened the malaise. In calendar 2019, the weakness reflected commercially driven coal–to–gas switching in parts of Europe, where relatively cheap pipeline gas and LNG imports, plus a steep rise in the price of European Carbon Allowances (ECAs)30, have driven generator behaviour. In calendar 2020 to date, all of these factors have remained in place and in some instances they have been amplified by COVID–19: and demand for power itself has now fallen sharply. Renewables have been able to take a larger share of that shrinking pie BHP concluded in its latest Economic and Commodity Outlook FY20.
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Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
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