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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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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
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- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
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