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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
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