We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
 Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously expected this year. We expect the aggregate EBITDA of the shipping companies we rate globally to grow by 3%-5% in 2021, driven by a recovery in the dry bulk segment from pandemic lows and the continuance of good market fundamentals for container shipping. However, this is tempered by a likely decline in EBITDA in the tanker segment next year because of tough comparisons with record charter rates in the first half of 2020. The industry’s overall supply-demand balance is set to improve in 2021, which is the other main reason for the outlook change. However, risks remain. A tenuous global economic recovery has taken hold but ongoing pandemic fears and a resurgence in coronavirus infections in some major economies could hinder a recovery in demand for shipping services in 2021. Our outlook for the global shipping industry had been negative since March 2020.
Limited supply of new vessels and capacity management should act as a cushion to adverse market conditions.
Order books for all three shipping segments remain at record low levels in relation to their total fleets. As Exhibit 2 shows, even absent a real recovery or demand contracting moderately, the different segments would see limited growth in new capacity. In the container shipping segment, carriers could resume cancellations of sailings to reduce capacity to match demand. However, the tanker and dry bulk markets will be more sensitive to changes in demand during 2021 because they are much more fragmented than the global container market where capacity is partly organised through alliances.
Our view for the container shipping segment has changed to stable from negative. Following very disciplined capacity management by carriers, low bunker prices and increasing freight rates as demand recovered in the second half of 2020, the container shipping industry will record one of its strongest years since 2010. With supply and demand likely to be in balance given the very limited order book for new vessels, we expect a stable operating environment in 2021. Even if the global economic recovery takes longer to materialise, given the rising infections in Europe and the US, carriers’ capacity management should continue to keep freight rates broadly stable.
Our view for the dry bulk segment has changed to stable from negative. This is anchored in our expectations that the trough for dry bulk shipping companies likely happened during the second quarter of 2020 and that the market environment should gradually improve over the next 12-18 months. The recovery in key dry-bulk commodities has been more or less driven by China, where import volumes of iron ore were 11% higher in the year to date to August than in the same period in 2019. The supplydemand balance is also set to improve. Assuming the global economy recovers in 2021, we foresee dry bulk demand growing by 3%-5% versus supply growth ranging from 0.5% to 2%, depending on the level of scrapping activity and order delays/cancellations. Still, downside risks are certainly evident, including protracted lockdowns that would curb demand.
Our view for the tanker segment has changed to negative from stable. Tanker operators had a very strong first half of the year as the mix of a sudden collapse in oil prices and maintained production resulted in high demand for floating storage, particularly for very large crude carriers (VLCCs). As a result, charter rates reached record highs in the March to May period this year, but have weakened since with recent VLCC rates around half of the peak levels earlier this year. A substantial part of the fleet remains in floating storage or idle, a temporary effect that is likely to reverse, although a reversal may also result in higher scrapping. While oil demand continues to recover, fleet order books remain manageable and charter rates may seasonally rise in the fourth quarter of 2020, we believe that EBITDA in this shipping segment will contract in 2021 as the as the exceptional Q2 environment is unlikely to be repeated.
What could change the outlook. We would consider revising the outlook to positive if both the oversupply of vessels declines materially and comparable year-over-year EBITDA growth appears likely to exceed 10%. We would consider changing the outlook to negative if we see signs that shipping supply growth will exceed demand growth by more than 2% or that comparable EBITDA will decline by more than 5% year over year
Since outlooks represent our forward-looking view on business conditions that factor into our ratings, a negative (positive) outlook suggests that negative (positive) rating actions are more likely on average. However, the industry outlook does not represent a sum of upgrades, downgrades or ratings under review, or an average of the rating outlooks of issuers in the industry, but rather our assessment of the main direction of business fundamentals within the overall industry.
Source: Moody’s
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
|
|
|
Showing 741 to 745 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Central Electricity Authority - India
|
| |
| |
|
