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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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Wednesday, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
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Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
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- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
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