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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Australian Coal Association
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
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