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Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
 COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent government measures that have helped to arrest the downward trend. These measures, however, are not enough to meaningfully improve prices over the short term. Cost control and leverage reduction will be important strategies for companies to maintain stable credit quality.
Fitch Ratings further said, 2014 has been a difficult year for coal mining companies in China, with coal prices sliding by about 20% in the first 10 months of the year. Prices have been hurt by overcapacity in the industry, which has persisted since 2012. There was also lower demand for thermal coal stemming from one-off factors such as higher-than-average rainfall that boosted hydropower generation.
The government introduced measures to support the industry, including imposing import duties ranging from 3% to 6% for thermal and coking coal from mid-October 2014. This led to a 27% fall in coal import volume in November 2014 compared with a year ago. In addition, the government banned the domestic production as well as import of low-quality coal.
Together with a seasonal upswing in coal consumption, coal prices in China have stabilised recently. The Qinhuangdao 5500 kcal/kg free on board (FOB) coal price has risen by about 6% since the beginning of November 2014. Nonetheless, Fitch believes a meaningful upswing in coal prices is unlikely in the next 12 months. Substantial capacity investments in previous boom years are still being digested, while demand has been weakened due to industrial deceleration. In addition, the government aims to increase the production of renewable energy at the expense of the share of coal-fired power over the longer term, which means that the thermal coal consumption growth rate is set to decline.
While 2014 coal prices are comparable with 2009 levels, production costs are in general about 25%-30% higher than in 2009, driven by increases in staff expenses as well as governmental fees, such as land conversion fees and environmental protection fees. To combat lower prices, many Chinese coal producers have cut costs significantly. Yanzhou Coal Mining Company Limited has reduced its domestic mining cost per ton by 30% during the first three quarters of 2014 from a year earlier, thereby maintaining steady gross profits on a per ton basis. Fitch believes a continuation of similar efforts will be needed for coal companies to preserve cash flow.
When coal prices increased between 2009 and 2012, many coal producers undertook debt-funded capex and investments. With the reversal in coal prices, their leverage has climbed higher than they expected because the expected cash flow for debt reduction failed to materialise. Efforts to improve debt leverage amid continuing low prices will be crucial for companies to maintain stable credit profiles.
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Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- CNBM International Corporation - China
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