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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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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Showing 501 to 505 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
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