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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
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