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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
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