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Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
 COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent government measures that have helped to arrest the downward trend. These measures, however, are not enough to meaningfully improve prices over the short term. Cost control and leverage reduction will be important strategies for companies to maintain stable credit quality.
Fitch Ratings further said, 2014 has been a difficult year for coal mining companies in China, with coal prices sliding by about 20% in the first 10 months of the year. Prices have been hurt by overcapacity in the industry, which has persisted since 2012. There was also lower demand for thermal coal stemming from one-off factors such as higher-than-average rainfall that boosted hydropower generation.
The government introduced measures to support the industry, including imposing import duties ranging from 3% to 6% for thermal and coking coal from mid-October 2014. This led to a 27% fall in coal import volume in November 2014 compared with a year ago. In addition, the government banned the domestic production as well as import of low-quality coal.
Together with a seasonal upswing in coal consumption, coal prices in China have stabilised recently. The Qinhuangdao 5500 kcal/kg free on board (FOB) coal price has risen by about 6% since the beginning of November 2014. Nonetheless, Fitch believes a meaningful upswing in coal prices is unlikely in the next 12 months. Substantial capacity investments in previous boom years are still being digested, while demand has been weakened due to industrial deceleration. In addition, the government aims to increase the production of renewable energy at the expense of the share of coal-fired power over the longer term, which means that the thermal coal consumption growth rate is set to decline.
While 2014 coal prices are comparable with 2009 levels, production costs are in general about 25%-30% higher than in 2009, driven by increases in staff expenses as well as governmental fees, such as land conversion fees and environmental protection fees. To combat lower prices, many Chinese coal producers have cut costs significantly. Yanzhou Coal Mining Company Limited has reduced its domestic mining cost per ton by 30% during the first three quarters of 2014 from a year earlier, thereby maintaining steady gross profits on a per ton basis. Fitch believes a continuation of similar efforts will be needed for coal companies to preserve cash flow.
When coal prices increased between 2009 and 2012, many coal producers undertook debt-funded capex and investments. With the reversal in coal prices, their leverage has climbed higher than they expected because the expected cash flow for debt reduction failed to materialise. Efforts to improve debt leverage amid continuing low prices will be crucial for companies to maintain stable credit profiles.
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Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
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