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Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
 Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their credit metrics in 2021. However, the magnitude may vary as they have different risk exposure to coal-price fluctuations from factors such as fuel mix, business and geographical diversification, degree of integration and coal procurement strategy.
The Chinese benchmark Qinhuangdao 5,500 kcal/kg coal price surged 66% yoy to CNY942/tonne by end-July 2021. Power gencos with higher capacity contribution from coal-fired power and less integration into the coal-mining business are more vulnerable to the coal price rally.
However, their coal procurement strategies may partly mitigate the adverse impact. Some power gencos maintain a high share of procurement via long-term contracts, which, to some extent, can mitigate their lack of a natural hedge from having an upstream coal-mining business. Power gencos in coastal regions also use more imported coal, which is generally cheaper than domestic coal, while power gencos with assets in proximity to low-cost inland coal mines benefit from lower coal price volatility and transport costs.
Fitch expects rated Chinese power gencos’ leverage to rise in 2021 due to lower operating cash flow, reflecting the coal-price-driven profit decline, and higher capex to fund renewable investments. We expect most of the rated gencos’ Issuer Default Ratings (IDR) to remain intact due to their status as government-related entities or subsidiaries with IDRs linked directly or indirectly to the creditworthiness of their local governments under a top-down approach based on our Government-Related Entities Rating Criteria. However, standalone credit profile headroom for some entities may be reduced due to the elevated leverage.
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
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