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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
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