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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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- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- PTC India Limited - India
- SMG Consultants - Indonesia
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