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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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Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
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