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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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
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