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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- The University of Queensland
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
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