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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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Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Minerals Council of Australia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Deloitte Consulting - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Economic Council, Georgia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
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