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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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Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
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