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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
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