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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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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
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