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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Coal and Oil Company - UAE
- Australian Coal Association
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
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