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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Minerals Council of Australia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
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