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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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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Australian Coal Association
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
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