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