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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, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
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- Ministry of Mines - Canada
- Planning Commission, India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Minerals Council of Australia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
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