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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- White Energy Company Limited
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
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