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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, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
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