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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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Saturday, 01 August 20
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Friday, 31 July 20
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Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
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...
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- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
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