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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
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