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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Tamil Nadu electricity Board
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- Parliament of New Zealand
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- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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- Edison Trading Spa - Italy
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- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
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- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
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- The University of Queensland
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- Gujarat Electricity Regulatory Commission - India
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- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
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- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
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- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
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- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
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- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
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- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
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