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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Planning Commission, India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
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