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Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
 The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Ratings says. While we expect most countries to be able to close their financing gap with the support of official creditors, liquidity pressures will remain high through the year. Export receipts will drop and external support inflows will be insufficient to stem the fall in international reserves.
Angola (B-/Stable), the Republic of Congo (CCC), Gabon (CCC), Nigeria (B/Negative) face a sharp deterioration of fiscal and external balances and increasing financing challenges due to the impact of the double shock of lower oil prices and the coronavirus pandemic, which underpinned recent downgrades. Fitch forecasts the Brent oil price at USD35/bbl in 2020 and USD45/bbl in 2021.
Sub-Saharan African oil producers entered 2020 with high debt levels and limited fiscal space. We expect them to post fiscal deficits between 4% and 6% of GDP in 2020. This assumes lower oil prices and a contraction of oil production due to maturing oil fields, low investment and OPEC+ quotas, along with a moderate impact of measures taken to stem the pandemic. Government debt will soar from already high levels and exceed 115% of GDP in Angola and Congo.
Government financing needs will rise. Shallow domestic markets in Angola, Gabon and Congo combined with weak public finance management for the latter two could put liquidity under stress and could threaten the timely repayment of debt. However, governments are making Eurobond payments a priority containing the risk of defaults.
We still expect Angola to be able to close its funding gap with financing from external official creditors in 2020 and by drawing on funds from the sovereign wealth fund, but risks are high. Congo is particularly exposed to liquidity risk given the uncertainty surrounding the renegotiation of the oil-traders' debt and its linkages with financing. While liquidity risks have risen in Gabon, debt sustainability could remain stronger than for 'CCC' peers in our baseline scenario. Nigeria's credit profile is more resilient as the sovereign is less vulnerable to short-term financing stress due to its deeper domestic debt market.
Angola, Congo, Gabon and Nigeria's current account deficits will not be fully covered by increased external borrowing, reducing external buffers. Congo and Gabon will face acute external liquidity strain, raising pressure on the CEMAC peg to the euro, although devaluation in the near term is not our base-case scenario. Angola will face continued pressure on its already severely devalued currency, increasing the burden of external debt service. Nigeria will contend with outflows of foreign portfolio investments, which could put pressure on the peg.
Source: Fitch Ratings
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Monday, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
Wednesday, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
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- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- The University of Queensland
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Planning Commission, India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
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