IHS 13-04-2015

China's coal imports plunged 45.3% year on year (y/y) to 32 million tonnes in the first quarter in 2015 due to weak demand amid the slowing economy.

The national coal stock continues to hover aloft around the high levels, with the stock volume amounted to over 3.9 billion tonnes for the past 39 months, according to the China National Coal Association.

The first quarter slump came on the heels of an annual fall in 2014.

In 2014, coal imports dropped 10.9% y/y to about 290 million tonnes due to competition from cheaper domestic coal and government restrictions on coal imports.

The domestic coal output also fell 3.5% y/y to 850 million tonnes, with the sale volume down

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A slowdown in LPG trade has caused very large gas carrier (VLGC) rates to slide again.

On 2 April, the Baltic Exchange assessed the benchmark Ras Tanura-Chiba rate at USD79.25/tonne, working out to daily earnings of USD74,280 at current bunker prices in Fujairah.

Indian Oil Corporation last week fixed G. Symphony and Aquamarine Progress for USD2.5 million and USD3.3 million. South Korean LPG importer E1 booked Aurora Leo, but the rate was not revealed.

Brokers and LPG traders told IHS Maritime that the Easter weekend and the Tomb-sweeping holiday in China on 6 April have resulted in limited trading.

A Japanese trader said, "Now that winter is over, demand isn't that high. We think there is

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