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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, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- The University of Queensland
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
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