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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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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- The University of Queensland
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
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