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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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Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
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