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Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
 The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation facilities, such as copper, nickel, cobalt and lithium, Fitch Ratings says. This will require a vast supply response in the next two decades and investments from miners, although we view the repositioning of their businesses towards a higher share of energy-transition metals in revenue and cash flows as credit positive.
EVs and renewable generation are more metal-intensive than fossil fuel-based alternatives. This will support metals demand as the world transitions towards a carbon-free economy, leading to a six-fold increase in demand for minerals by 2050 compared to current levels, according to the International Energy Agency (IEA). Growth rates for each metal will vary and will depend on technologies chosen for batteries and power generation and environmental policies. We anticipate demand for energy-transition metals to peak by the 2040s, when the bulk of low-emission infrastructure will have been built.
However, rapid demand growth may not necessarily be met with an equivalent supply-side response. We estimate the level of available resources to be sufficient, but mineral resources are often geographically concentrated and their extraction may be subject to challenges. Mining projects have long lead times and require large investments. Lead times from resource discovery to production average 17 years, including 12.5 years from discovery to feasibility and 4.5 years for planning and construction, according to the IEA. Copper, cobalt and nickel projects have the longest lead times. By comparison, lithium deposits have shorter lead times, of about seven years.
CRU estimates that most markets for energy-transition metals will remain balanced over the medium term as committed and probable projects come online. Supply gaps might emerge after 2025, as the pipeline of new projects is not yet synchronised with the expected rise in demand created by the energy transition.
The commissioning of new projects will depend, along with the estimates of demand and return on investments, on the availability of funds for large capex projects, either internally generated or borrowed. The financial discipline of most miners has improved over the past decade, providing sufficient financial headroom for future investments. However, a prolonged period of low commodity prices might result in delayed investment decisions.
We view the exposure to energy-transition metals among Fitch-rated miners as credit positive. Several mining companies’ credit profiles, including that of Anglo American, have benefited from a growing share of these metals.
However, market participants now expect miners to deliver increasing volumes of metals required for the energy transition without compromising ESG standards. The key challenge is to reduce greenhouse gas emissions across the metal value chain. Emissions intensity of cobalt, aluminium and nickel mining and processing is high, so skyrocketing demand may result in rising net carbon footprints.
Electricity generation is the largest source of emissions in metals production, and therefore decarbonisation of power sources through shifting from coal to renewables will help reduce emissions. Changes in production technologies and increased metal recycling will cut carbon intensity further.
Source: Fitch Ratings
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Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
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- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Economic Council, Georgia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
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