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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- Ministry of Mines - Canada
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