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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Planning Commission, India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
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