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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, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
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- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- White Energy Company Limited
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
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