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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, 13 September 13
DIRECTOR GENERAL OF MINERAL AND COAL OF INDONESIA REVISED UP COAL PRICE REFERENCE TO US$ 76.89
COALspot. com - The Indonesian government has revised up its owned coal bench mark price by US$ 0.19/ MT to US$ 76.89 for September 2013 deliveries ...
Thursday, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
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- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
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