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Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
 In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Meanwhile, imports of lignite (a low-quality coal), which have risen strongly over the last few years, have remained a bright spot. In the first six months of the year, Chinese lignite imports increased by more than 20% y-o-y to 36mt, said Clarksons in its latest report.
Indonesia Dominant
Clarksons further said, Lignite has played an increasingly important role in China’s coal imports since 2009. Used largely in power generation (but also in paper mills and in the manufacture of building materials), lignite has a relatively low heat content, but due to its low quality has been attractively priced. As shown on the Graph of the Month, Chinese lignite imports have surged from 3mt in 2008 to 59mt last year.
According to Clarksons , Indonesia is the major supplier of lignite to China, accounting for 97% of China’s imports last year, with the Philippines accounting for much of the remainder. While Chinese imports of steam coal from Indonesia have also increased rapidly, the share of lignite in total coal imports from Indonesia has risen from 14% in 2009, to more than 50% in the year to date.
Driving Upwards
While favourable price dynamics have been the main factor supporting increasing steam coal and lignite imports, rapid growth in total coal consumption between 2008 and 2011 also provided some support. However, since 2012, growth in Chinese coal consumption has slowed notably, with total coal use up 0.7% y-o-y in 1H 2014. Meanwhile, the price differential between imported and domestic steam coal has narrowed, especially following several rounds of price cutting by domestic miners in July this year, said Clarksons.
As a result, imports of higher-quality steam coal (with a calorific value of over 5,000 kcal/kg) have become less competitive against domestic supplies. However, since lower-quality lignite has continued to be priced at a discount to higher-quality coal, power plants have kept costs down by continuing to use a blend of lignite and higher-quality coal in power generation, noted Clarksons.
Policy Risks
Consequently, Clarksons noted, the demand for imported lignite has remained relatively firm in the year to date, despite increasing efforts by the government to restrict imports of low-quality coal.
Last year, China re-imposed a 3% tax on lignite imports, but given the free trade agreement in place between China and ASEAN nations, volumes imported from Indonesia have been unaffected. Meanwhile, in July 2014, China introduced further regulations in some regions banning imports of low-quality coal transported a certain distance inland. However, a significant proportion of lignite is used in coastal power stations, many of which have geared their boilers towards using this type of coal.
Clarksons concluded that, so while recent efforts to restrict low-quality coal imports have not yet had a notable effect, regulatory trends may well limit lignite import growth in the longer-term. Yet in the short-term, favourable pricing and the current dependence of power plants on low-quality coal suggest that China’s lignite imports from Indonesia will continue to remain firm.
Source: Clarksons
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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Independent Power Producers Association of India
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