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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, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
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Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- Economic Council, Georgia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- The University of Queensland
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
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