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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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Monday, 23 September 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 3 PERCENT LESS COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 3 per cent week on week to 2.92 million mt for t ...
Sunday, 22 September 13
BDI STRENGTHENS FURTHER AS CAPESIZE FREIGHT RATES JUMP - CAPT. REDDY
COALspot.com: The freight market continued its upward trend and maintaining the moment with BDI and Cape index up by 16 pct week on week. The Capesi ...
Sunday, 22 September 13
API 8 CFR SOUTH CHINA COAL SWAPS ADVANCE
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
Sunday, 22 September 13
SUB-BIT INDONESIA COAL SWAPS REMAIN UNDER PRESSURE
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery down 2.09 percept month on month on Friday 20 September 2 ...
Friday, 20 September 13
SHIP OWNERS INVEST MORE THAN $9.2 BILLION ON NEW BUILDING VESSELS DURING AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that August is traditionally a slow month in terms of ships investment activity, ship owners have grasped this year the opportunity ...
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Showing 4106 to 4110 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
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