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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
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