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Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
 China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, says Fitch Ratings in a new report. Fitch expects the overall financial health of the sector to weaken further over the next two years.
Fitch estimates that the Chinese coal sector will have up to 3.3 billion tonnes of excess capacity within the next two years, versus declining annual consumption of less than 4 billion tonnes per annum for the past two years. This calculation is based on 1.4 billion tonnes of existing idle capacity at end-2014, plus up to another 1.9 billion tonnes of capacity under construction - based on historical fixed-asset investments (FAI) in the sector.
The central government is taking steps to reduce capacity in the industry. This includes the State Council's capacity phase-out target of 500-1,000m tonnes in the next three to five years and the establishment of the Industrial Company Structural Adjustment Special Fund, which aims to address layoff problems in oversupplied industries. However, the phase-out target is less than one-third of the likely excess capacity in the system. In addition, we think that implementation of the phase-out target is likely to be slow. This is because local governments - which control state-owned coal producers accounting for around half of the country's coal production - need to balance phase-out measures against issues of social stability.
At the same time, demand for coal in China has been reduced by economic rebalancing towards more sustainable and less energy-intensive growth, and curbs on polluting industries. Coal consumption fell in 2014 for the first time in this century. Overcapacity in the seaborne market puts further pressure on Chinese coal prices.
Fitch expects an increasing number of coal producers to fall into financial.
The sector's financial leverage, which is already high due to aggressive debt-funded capital expenditure in prior years, could rise further as weak profitability and high interest expenses erode coal producers' FCF generation. Miners enjoying economies of scale, a higher degree of vertical integration, and good access to high-quality and low-cost mines are likely to survive and benefit from industry consolidation, while those lacking cost advantages and funding access will be forced to exit.
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Australian Coal Association
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- White Energy Company Limited
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
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