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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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Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
Tuesday, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
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- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Australian Coal Association
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- The University of Queensland
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
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