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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
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