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Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
 China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, says Fitch Ratings in a new report. Fitch expects the overall financial health of the sector to weaken further over the next two years.
Fitch estimates that the Chinese coal sector will have up to 3.3 billion tonnes of excess capacity within the next two years, versus declining annual consumption of less than 4 billion tonnes per annum for the past two years. This calculation is based on 1.4 billion tonnes of existing idle capacity at end-2014, plus up to another 1.9 billion tonnes of capacity under construction - based on historical fixed-asset investments (FAI) in the sector.
The central government is taking steps to reduce capacity in the industry. This includes the State Council's capacity phase-out target of 500-1,000m tonnes in the next three to five years and the establishment of the Industrial Company Structural Adjustment Special Fund, which aims to address layoff problems in oversupplied industries. However, the phase-out target is less than one-third of the likely excess capacity in the system. In addition, we think that implementation of the phase-out target is likely to be slow. This is because local governments - which control state-owned coal producers accounting for around half of the country's coal production - need to balance phase-out measures against issues of social stability.
At the same time, demand for coal in China has been reduced by economic rebalancing towards more sustainable and less energy-intensive growth, and curbs on polluting industries. Coal consumption fell in 2014 for the first time in this century. Overcapacity in the seaborne market puts further pressure on Chinese coal prices.
Fitch expects an increasing number of coal producers to fall into financial.
The sector's financial leverage, which is already high due to aggressive debt-funded capital expenditure in prior years, could rise further as weak profitability and high interest expenses erode coal producers' FCF generation. Miners enjoying economies of scale, a higher degree of vertical integration, and good access to high-quality and low-cost mines are likely to survive and benefit from industry consolidation, while those lacking cost advantages and funding access will be forced to exit.
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Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Planning Commission, India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
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