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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- White Energy Company Limited
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Deloitte Consulting - India
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