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