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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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Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
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