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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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Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
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Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
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- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
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