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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, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Planning Commission, India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
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