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Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
 Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their credit metrics in 2021. However, the magnitude may vary as they have different risk exposure to coal-price fluctuations from factors such as fuel mix, business and geographical diversification, degree of integration and coal procurement strategy.
The Chinese benchmark Qinhuangdao 5,500 kcal/kg coal price surged 66% yoy to CNY942/tonne by end-July 2021. Power gencos with higher capacity contribution from coal-fired power and less integration into the coal-mining business are more vulnerable to the coal price rally.
However, their coal procurement strategies may partly mitigate the adverse impact. Some power gencos maintain a high share of procurement via long-term contracts, which, to some extent, can mitigate their lack of a natural hedge from having an upstream coal-mining business. Power gencos in coastal regions also use more imported coal, which is generally cheaper than domestic coal, while power gencos with assets in proximity to low-cost inland coal mines benefit from lower coal price volatility and transport costs.
Fitch expects rated Chinese power gencos’ leverage to rise in 2021 due to lower operating cash flow, reflecting the coal-price-driven profit decline, and higher capex to fund renewable investments. We expect most of the rated gencos’ Issuer Default Ratings (IDR) to remain intact due to their status as government-related entities or subsidiaries with IDRs linked directly or indirectly to the creditworthiness of their local governments under a top-down approach based on our Government-Related Entities Rating Criteria. However, standalone credit profile headroom for some entities may be reduced due to the elevated leverage.
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
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