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