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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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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
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