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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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- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
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