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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- The University of Queensland
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
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