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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, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- PTC India Limited - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Parliament of New Zealand
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
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