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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
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