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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, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
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- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Australian Coal Association
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
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