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