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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Australian Coal Association
- Thiess Contractors Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
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