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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
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- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
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- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
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