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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
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