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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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Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
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- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
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