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