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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, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
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