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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, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - 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 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
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