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Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
 The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has been hit in early February due to seasonality of purchasing in the lead up to Chinese New Year and customs delays impacting Australian vessels into China. Will this move be another short-term blip and mirror the volatility seen last year, or is a broader correction at play?
Australian high CV thermal coal supply to remain tight
In 2019, demand growth in the Asia-Pacific market will require an extra 3 million tonnes of bituminous thermal coal. By 2023, we anticipate a further 34 Mtpa of bituminous coal demand in the region, led by India, Vietnam, South Korea, Pakistan and Malaysia.
While demand is increasing, Australian high CV thermal coal supply fell last year and will only partially recover this year. The recovery might be further constrained should producers target more semi-soft sales.
The ramp up of MACH Energy’s Mt Pleasant coal mine in New South Wales caters for nearly all the change, with high CV supply (ex. Mt Pleasant) essentially flat over 2019-21.
High CV supply could retreat again in 2022 due to lower output at Glencore’s Mt Owen mine and a possible closure at Liddell. Coal quality at BHP’s Mt Arthur mine is also expected to gradually decline. By 2023, we see a growing likelihood of a return to 2018 production levels.
Australian high CV thermal coal supply 2018-2023
Mine performance and quality issues limit supply response
The fall in Australian high CV thermal coal supply helped prices move nearly US$20/tonne higher in 2018. Widening price spreads between high CV and high ash thermal coal begged questions as to why we weren’t seeing a supply response? Part of that answer rests on specific constraints at a few large thermal coal mines in Australia, which contrary to expectations of growth, actually recorded declines in output. Some mines had short-term sequencing changes, while others battled with falling product quality. Pricing differentials between high CV thermal and semi-soft also played a part, with lower semi-soft supply offsetting the fall in high CV supply.
Two of the largest mines in New South Wales, BHP’s Mt Arthur and Yancoal/Glencore’s HVO, reported declines in output in 2018 of 4% and 11% respectively. In Mt Arthur’s case, saleable output was constrained by a lower washing yield, declining coal quality and adverse weather. At HVO, mine plans had been remodelled following a strategic review of operations following the takeover from Rio Tinto. Meanwhile, output at Whitehaven’s underground Narrabri mine fell nearly 30% as it worked around a geological fault. We also understand a number of Glencore’s mines were technically constrained in their ability to increase higher CV volumes by washing capacity.
Our expectations for near term thermal coal supply growth have moderated given recent M&A and an increasing focus on capital allocation. The latest plan at HVO is to gradually recover to 15 Mtpa with a focus on efficiency and productivity improvement, rather than further growth to 17 Mtpa. At Mt Arthur, we expect production to peak at a lower rate of 21 Mtpa, down from 22.5 Mtpa, given updated capital plans and optimisation of the operation.
On a price standpoint, we expect prices to recover and average US$98/tonne this year, down from US$107/tonne last year. Prices will remain elevated in 2019 given fundamental support for high energy thermal coal indexed to the GlobalCoal 6,000 kcal specification (14% max ash ar, 5,850 kcal/kg min nar).
Source: Wood Mackenzie
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Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- The University of Queensland
- Planning Commission, India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
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