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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Australian Coal Association
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
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