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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
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