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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, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- PTC India Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
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