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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, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
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- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Australian Coal Association
- Planning Commission, India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
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