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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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Thursday, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
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- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
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