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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
 - Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
Moody's Investors Service maintains negative 2020 outlooks for the US coal and US steel industries and a stable outlook for the global base metals sector, amid slowing economic growth and trade frictions, the rating agency says in its annual report.
The stable outlook for global base metals is driven by supply/demand fundamentals despite weaker GDP rates and lower Purchasing Managers Indexes (PMIs). However, a challenging macro operating environment warrants some caution for the sector.
"Geopolitical and economic concerns as well as trade tensions will once again overshadow the global base metals markets in 2020, continuing the pressures experienced as 2019 as deceleration in global economies took hold," says Carol Cowan, Moody's Senior Vice President. "ESG considerations will also continue to increase in visibility, demanding more transparency and improvement from the industry."
Moody's negative outlook for the US steel industry reflects its expectation that weaker fundamentals will hold in 2020, prices will not rebound significantly and planned new capacity will weigh on market sentiment.
"It's a tale of 2 steels – EAF producers will continue to benefit from lower scrap costs, helping mitigate lower realized steel prices, while blast furnace producers will continue to face higher iron ore costs and likely-increasing costs related to environmental compliance," says Cowan.
Meanwhile, Moody's expects US coal producers' cumulative EBITDA to decline by more than 3% over the next 12 months, due to a substantive decrease in export prices in 2019 among other factors.
"The outlook for thermal coal is increasingly stressed, with ESG factors weighing heavily on demand from utilities," says Benjamin Nelson, Moody's VP-Senior Credit Officer. "Our long-term outlook for North American thermal coal calls for a substantial volume reduction over the next decade, driven by utilities switching to natural gas, where we expect prices will remain low, and renewable energy, which still benefit from government subsidies."
Moody's outlooks for 2020 consider fundamental credit conditions that will affect sectors for the next 12-18 months.
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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
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