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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, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
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- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- The University of Queensland
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Planning Commission, India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
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