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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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Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
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- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
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