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