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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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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
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