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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Australian Coal Association
- White Energy Company Limited
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
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