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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, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
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