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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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- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
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