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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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Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
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