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Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
 Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal prices and adding order uncertainties for exporters, Fitch Ratings and CRU say. Miners from Australian and Indonesia are the most exposed, but the credit impact is muted thanks to sufficient rating headroom as we have already incorporated a downward pricing trend in our rating assumptions.
The Chinese coal market’s tightness has eased due to a combination of weaker demand and improved domestic supplies. Chinese coal demand has declined as residential power consumption reduced at the end of the winter heating season in mid-March and hydro supply increased in south China due to heavy rains. Chinese domestic coal supply has gradually improved in recent quarters as the pace of capacity closures has slowed and incremental capacity has been expedited to bring down fuel costs, according to CRU. Inventories at the six main power producing groups edged up to 16.0 million tonnes in late March, 13% higher than the average for 2018 of 14.1 million tonnes.
Growing domestic supply is likely to prompt the Chinese government to tighten control over thermal coal imports. This would imply higher order volatility and risks for seaborne coal suppliers targeting the Chinese market, which are mainly miners in Australia and Indonesia. The Chinese government appears to have adopted an on-and-off importing policy since 2017 by implementing stricter checks when domestic supply is sufficient and speeding up clearing when domestic supply is tight. Australian coal cargoes, for example, have been facing increasing delays clearing customs at Chinese ports since February, according to CRU.
While seaborne coal remains price competitive compared to domestic coal, risks of long clearing time and import bans may discourage Chinese consumers from using seaborne coal, especially when domestic supply is sufficient.
Australian coal producers are likely to face the risk of order cancellation, and to some degree, be forced to compete for sales in alternative countries. This may lead to weak prices in the seaborne market, especially for the mid-content-value coal of around 5,500kcal/kg that Chinese importers typically buy from Australia.
Imports from Indonesia have been less affected by the recent Chinese controls, according to press reports, although Indonesian producers are still likely to come under pressure to find new markets due to overall declining Chinese demand for seaborne coal, as well as increasing Indonesian domestic output, and weaker-than-expected domestic demand.
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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Parliament of New Zealand
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
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