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