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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Planning Commission, India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- The University of Queensland
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
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