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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, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
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