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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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- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- White Energy Company Limited
- Indian Energy Exchange, India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
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