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Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
 Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take time to recover to pre-epidemic levels, says Fitch Ratings. Decreased production in China because of the extended work holiday and factory closures will affect import and export volumes in first-quarter 2020 but diversified revenue streams and long-term contracts help shield most US, EMEA and LATAM port revenues from significant trade volatility. However, some rated APAC ports will be affected if the slowdown in trade is prolonged.
China’s trade volumes have grown significantly since 2000 in tandem with China’s expanding role in the world economy. If more companies suspend Chinese operations or withdraw from production in China, shipping volume may take longer to recover. A sustained dip in volumes could pressure ports with a large exposure to China cargo and would constrain throughput growth compared with expectations prior to the outbreak.
Reduced trade due to the virus exacerbates the effects of the 2018-2019 trade barriers on US West Coast port volumes in particular. US-China trade levels were expected to pick up somewhat with Phase One of the US-China trade deal set to go into effect on Feb. 15 but this rebound may take longer to take hold because of the virus-related production slowdown.
Most European and Middle Eastern ports have significant exposure to China through the global supply chain and port revenues will be stressed if volumes remain depressed through March or beyond. Some EU manufacturing sectors are dependent upon the Chinese market. Middle East export volumes will be hurt by significant declines in Chinese demand for oil. Balance sheet flexibility and the ability to defer capex should help ports manage through short-term volume declines. Ports with additional congestion such as shipping boxes piling up could potentially charge more for storage and handling, which could be a partial offsetting factor for lost revenue.
In some cases, ports’ long-term guaranteed contracts or lease agreements with most tenants provide a revenue floor, which helps to insulate port revenue from trade-related volume volatility. This is the case for the more exposed US West Coast ports, where minimum annual guarantees cover 70% plus of operating revenue, and the Port of Melbourne in Australia, where one-third of revenue is independent of shipping volumes.
Fitch-rated Australian coal export terminals will see a volume impact from prolonged slowdown in industrial activity in China. However, the revenues of these export terminals are largely independent of throughput due to the use-or-pay nature of their contracts with the coal mines. Indonesian coal terminals, however, will be hit as Indonesia exports about one-quarter of its coal to China. Throughput at other Indonesian ports will also be affected as China is the country’s top trading partner. India, on the other hand, has less trade exposure to China than Indonesia, and Indian port operators are better placed to absorb a reduction in trade.
Ports have established screening procedures related to virus containment, which may delay or discourage cruise ship traffic in particular. Most of Fitch’s rated ports are predominantly cargo-focused, limiting the direct effects of cruise sector quarantines and related measures. Restrictions in the cruise sector will have limited revenue effects at cargo-dominated ports, although ports handling a higher share of cruise business may see a dip in passenger revenue as negative traveller sentiment limits cruise demand.
Source: Fitch Ratings
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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- Mjunction Services Limited - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
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