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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, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
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- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
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