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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, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Planning Commission, India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
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