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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
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- Agrawal Coal Company - India
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- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
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- Energy Development Corp, Philippines
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- Global Green Power PLC Corporation, Philippines
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- Merrill Lynch Commodities Europe
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
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- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
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- London Commodity Brokers - England
- Indika Energy - Indonesia
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- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
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- The University of Queensland
- Indian Energy Exchange, India
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- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
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- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
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- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- ASAPP Information Group - India
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