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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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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
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- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
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