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Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
 Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. The government earlier this year said it aimed to eliminate 100 million to 150 million tonnes of capacity by 2020. The complete elimination of these capacities will likely result in significant job losses in the labour-intensive sector and huge financial losses, given the highly levered nature of most companies in the industry.
We believe that unless specific actions are taken to address these challenges, rapid capacity elimination in the Chinese steel sector is unlikely. This would in turn mean prices are likely to remain low, resulting in higher liquidity and default risks for steelmakers, many of which expanded rapidly since 2012 funded by short-term debt.
Based on industry productivity norms of 300 tonnes of steel per year per employee in China, elimination of 150 million tonnes of capacity would mean the loss of around 500,000 jobs in the industry, and potentially more in ancillary industries. This number may not appear large relative to China's working population, but the steel industry tends to by highly geographically concentrated. Layoffs in regions where steelmakers are large employers could result in prolonged dampening of related industries such transportation, power generation, and even retail.
Furthermore, the sector is highly financially levered, with the average debt-to-asset ratio at more than 70%. We estimate the industry has total debt of CNY3trn-4trn, excluding upstream funding through payables and unpaid staff costs. Out of this debt, one third is in the form of bank loans. Even the shutdown of 100 million tonnes of capacity, a reduction of less than10% of existing capacity, could significantly hurt lenders.
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Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
Tuesday, 15 March 16
PORT OF NEWCASTLE SHIPPED 12.78 MMT OF COAL IN FEBRUARY 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped AU$1,110.5 mi ...
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Showing 2516 to 2520 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Planning Commission, India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
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