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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 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- The University of Queensland
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
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