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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, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Bhatia International Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
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