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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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Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
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- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
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