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Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
 Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take time to recover to pre-epidemic levels, says Fitch Ratings. Decreased production in China because of the extended work holiday and factory closures will affect import and export volumes in first-quarter 2020 but diversified revenue streams and long-term contracts help shield most US, EMEA and LATAM port revenues from significant trade volatility. However, some rated APAC ports will be affected if the slowdown in trade is prolonged.
China’s trade volumes have grown significantly since 2000 in tandem with China’s expanding role in the world economy. If more companies suspend Chinese operations or withdraw from production in China, shipping volume may take longer to recover. A sustained dip in volumes could pressure ports with a large exposure to China cargo and would constrain throughput growth compared with expectations prior to the outbreak.
Reduced trade due to the virus exacerbates the effects of the 2018-2019 trade barriers on US West Coast port volumes in particular. US-China trade levels were expected to pick up somewhat with Phase One of the US-China trade deal set to go into effect on Feb. 15 but this rebound may take longer to take hold because of the virus-related production slowdown.
Most European and Middle Eastern ports have significant exposure to China through the global supply chain and port revenues will be stressed if volumes remain depressed through March or beyond. Some EU manufacturing sectors are dependent upon the Chinese market. Middle East export volumes will be hurt by significant declines in Chinese demand for oil. Balance sheet flexibility and the ability to defer capex should help ports manage through short-term volume declines. Ports with additional congestion such as shipping boxes piling up could potentially charge more for storage and handling, which could be a partial offsetting factor for lost revenue.
In some cases, ports’ long-term guaranteed contracts or lease agreements with most tenants provide a revenue floor, which helps to insulate port revenue from trade-related volume volatility. This is the case for the more exposed US West Coast ports, where minimum annual guarantees cover 70% plus of operating revenue, and the Port of Melbourne in Australia, where one-third of revenue is independent of shipping volumes.
Fitch-rated Australian coal export terminals will see a volume impact from prolonged slowdown in industrial activity in China. However, the revenues of these export terminals are largely independent of throughput due to the use-or-pay nature of their contracts with the coal mines. Indonesian coal terminals, however, will be hit as Indonesia exports about one-quarter of its coal to China. Throughput at other Indonesian ports will also be affected as China is the country’s top trading partner. India, on the other hand, has less trade exposure to China than Indonesia, and Indian port operators are better placed to absorb a reduction in trade.
Ports have established screening procedures related to virus containment, which may delay or discourage cruise ship traffic in particular. Most of Fitch’s rated ports are predominantly cargo-focused, limiting the direct effects of cruise sector quarantines and related measures. Restrictions in the cruise sector will have limited revenue effects at cargo-dominated ports, although ports handling a higher share of cruise business may see a dip in passenger revenue as negative traveller sentiment limits cruise demand.
Source: Fitch Ratings
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Economic Council, Georgia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- McConnell Dowell - Australia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
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