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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Planning Commission, India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- MS Steel International - UAE
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