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