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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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Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- VISA Power Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- The University of Queensland
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
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