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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
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