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