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