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Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain unaffected by a weakening of the Indonesian rupiah, which has depreciated by 10% between February and August 2013.
According to Fitch's latest report, this is due to a high degree of USD-linked cash flows relative to the companies' USD-denominated liabilities and expenses, or strong linkages with and fiscal support from the state to entities that provide a public service obligation. Furthermore, many of the companies have limited near-term USD-denominated debt maturities.
PT Adaro Indonesia (BB+/Stable), PT Indika Energy Tbk (B+/Stable), and Star Energy Geothermal (B+/Stable) are insulated from the currency depreciation as their earnings are predominantly in USD. This provides a strong natural hedge to debt obligations, much of which are USD-denominated. Profit margins of thermal coal producers can benefit to an extent as some of their operating costs are rupiah-based.
The ratings of PT Pertamina Persero (Pertamina, BBB-/Stable) and PT Perusahaan Listrik Negara (PLN, BBB-/Stable) are not immediately affected as the ratings are equalised with that of the Republic of Indonesia (BBB-/Stable), owing to the strategic and operational importance of these entities to the state. Both PLN and Pertamina perform public service obligations, selling fuel and electricity below market prices for which they are compensated via a subsidy reimbursement mechanism. The weakened rupiah increases the operating costs of these two entities as raw materials - coal, gas and oil - will increase, resulting in a higher subsidy requirement from the government under the subsidy mechanism under which they operate. In the event the total subsidy requirement exceeds the approved annual budgetary allocation, Fitch believes the government will approve a higher budget to accommodate any additional amounts.
Given recent increases of certain petroleum products and the elections due in 2014, the prospect of further immediate electricity or fuel price increases may be limited. Both PLN and Pertamina have large capital expenditure requirements and the weakened rupiah will increase the outflow in local currency terms which will increase the financial leverage of these two entities than earlier forecast by Fitch. However, strong state support and ready access to funding markets underpin their liquidity profiles.
All Fitch credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link:
Http://fitchratings.com/understandingcreditratings.
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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
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