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