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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
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