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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, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Posco Energy - South Korea
- White Energy Company Limited
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- The University of Queensland
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
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