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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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Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
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- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Antam Resourcindo - Indonesia
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