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