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Tuesday, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
 To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and they were genuinely awful, they look positively effervescent compared to today.
Coal markets now?
Demand: weak. Supply: excessive. Prices: tumbling. Margins: emaciated.
Who can blame coal producers for rushing to close the books on a really bad year and shifting their gazes to tomorrow?
Ah, but what might tomorrow bring? No help from across the Atlantic. It may not be running away from coal, but Europe is at least swiftly walking. In the US, low natural gas prices and steady political pressure will further depress already weak coal demand and prices. Latin American and African demand are, well, as inconsequential as always.
In the Asia-Pacific region, Chinese seaborne market dominance has faded as the country snubs coal while simultaneously (and contrarily) protecting domestic producers. Only India and southeast Asia will increase imports, but just modestly. So, across the industry, 2016 promises more pain than gain.
It’s what producers won’t do that matters most. They won’t sufficiently rationalize production to balance supply and demand. They won’t, because most of them can’t, repair debt-laden balance sheets and that will leave many vulnerable and their bond-holders squeamish. They won’t find it easy to re-capitalize their mines because financers are backing away from coal.
Coal producers are going to suffer through another painful year, perhaps even worse than the last one. In fact, producers are facing several years, if not decades, of low prices, anaemic demand, chronic overcapacity and “margins” that would scare most non-coal businesses into closing their doors. But not coal producers.
This is a resilient and optimistic bunch, accustomed to long periods of low real prices and profitless years. They have been here before although they will find that this extended poor market is just the beginning. With concentrated global action underway to address climate change and with the cost of renewable energy on a swift and impressive decline, many coal producers may finally meet their Waterloo. A long, slow harvest is inescapable.
There will be survivors, of course, who will be focused on strategies that lower cost and allow them to compete. Others will turn to long-term strategies that could include energy diversification. But these steps will not alleviate the pain that all coal producers must face in the next few years.
So, coal producers may have found a lump of coal in their Christmas stocking in 2015, but even that will look good by Christmas 2016 … and 2017 … and 2018. For many, better prospects are a rapidly fading memory.
-Andy Roberts | Wood Mackenzie -
About Andy Roberts
Roberts is a mining engineer with a background in operations, planning and market analysis. He has worked in the coal, base metal, oil shale, tar sand and uranium businesses. In 2008, Andy joined Wood Mackenzie where in his consulting and research role he uses fundamental analysis to help his clients understand.
About Wood Mackenzie
As a global leader in commercial intelligence for the energy, metals and mining industries, Wood Mackenzi provides objective analysis and advice on assets, companies and markets, giving clients the insight they need to make better strategic decisions. (http://www.woodmac.com/blog)
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Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- VISA Power Limited - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
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