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Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
 Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook revisions globally, though the overall outlook remains neutral. The revisions were largely caused by global commodity price movements associated with the Russia-Ukraine war and the economic fallout from lockdowns under China’s ‘dynamic zero’ Covid-19 policy.
Fitch Ratings revised the outlook on two sectors – APAC oil and gas and Indonesian coal mining – to improving, from neutral, and the outlook on two further sectors – China engineering and construction (E&C) and APAC technology – to deteriorating, from neutral. The outlook on Chinese property developers remained unchanged, at deteriorating, following steep 1Q22 falls in new housing sales. We also expect capital market access to remain limited this year for most Chinese developers. The outlook on APAC’s five remaining sectors is neutral.
Fitch Ratings outlook revision for APAC oil and gas and Indonesian coal mining was based on our higher assumptions for oil, gas and coal prices following the invasion of Ukraine. Higher prices will boost cash flow for upstream and integrated oil and gas producers, part of which we expect to be used to pay down debt and improve credit metrics. Europe’s sanctions on Russian coal exports will become effective in August 2022, which could further increase demand for Indonesian coal.
According to Fitch Ratings, Chinese E&C activity was subdued in 1H22, due to the operational challenges caused by the country’s Covid-19 control measures. However, we expect construction activity to pick-up in 2H22, as the front-loading of local government special-bond issuance this year should lift infrastructure spending. That said, we believe China’s E&C sector is vulnerable to new Covid-19 outbreaks. If pandemic-related restrictions constrain construction in the next few months, it would be challenging for the sector to increase activity going into the winter months. The resulting challenges in collecting working capital could lead to liquidity pressure at Chinese E&C firms.
Within the APAC technology sector, China’s slower consumption spending, stringent Covid-19 lockdowns and the aftermath of last year’s regulatory tightening will dampen the short-term profitability and cash generation of its internet majors. Stringent pandemic lockdowns and the aftermath of last year’s regulatory tightening are also having adverse effects. Overall demand for APAC consumer hardware is weakening, exacerbated by the war in Ukraine and China’s lockdowns, while rising input costs will pressure profitability. We expect companies with limited ability to pass through incremental costs to customers to suffer the most in the heighted inflationary environment. Meanwhile, persistent chip shortages and various logistical issues will add to supply-side disruption. However, we expect robust demand for Indian IT services, supported by a strong digital transformation pipeline, and wage inflation in line with our previous expectations at end-2021. This should see revenue increase by a double-digit percentage.
The proportion of APAC corporates ratings at ‘CCC+’ or below, on Negative Outlook or on Rating Watch Negative dropped to 19% as of mid-June 2022, from 26% in 1Q22, after we revised the Outlook to Stable, from Negative, on the ratings of 13 Indian corporates. This followed our June 2022 Outlook revision on India’s sovereign rating (BBB-/Stable).
Fitch has taken eight upgrade actions and 54 downgrade actions on APAC corporates so far in 2022. Chinese property developers accounted for 38 of the downgrades and comprise 20 of the 60 corporates that remain on Negative Outlook, Rating Watch Negative or are rated at distressed levels of 'CCC+' or below.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
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