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.
|
|
Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
|
|
|
Showing 901 to 905 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- White Energy Company Limited
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
|
| |
| |
|
