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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
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