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