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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- The University of Queensland
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Posco Energy - South Korea
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
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