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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, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Australian Coal Association
- Anglo American - United Kingdom
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
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