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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- PTC India Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
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