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