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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, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
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