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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, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
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- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
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- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
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- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
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- Bangladesh Power Developement Board
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- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
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- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
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- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
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- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
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- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
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- Neyveli Lignite Corporation Ltd, - India
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- Aditya Birla Group - India
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- PTC India Limited - India
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