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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, 11 September 13
ASIA - PACIFIC THERMAL COAL MARKET TO REMAIN OVERSUPPLIED IN NEXT 12 MONTHS - FITCH RATINGS
COALspot.com: Fitch Ratings says the Asia-Pacific thermal coal market will remain oversupplied in the next 12 months because strong production has b ...
Tuesday, 10 September 13
COAL EXPORTS AT AUSTRALIA'S NEWCASTLE PORT SLIP 30.31% ON WEEK TO 2.36 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port down 30.31 per cent week on week to 2.36 million mt f ...
Tuesday, 10 September 13
WORLDWIDE COAL CONSUMPTION RISES SHARPLY - RA DR. ERICH SCHMITZ
By: RA Dr. Erich Schmitz, Verein der Kohlenimporteure (Germany Coal Importers Association)
World hard coal market in the first half of 2013: worl ...
Monday, 09 September 13
REBOUND IN NEWBUILDING ORDERS HASN'T HURT DRY BULK MARKET PROSPECTS, BUT SHIP OWNERS SHOULD STILL BE CAUTIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Since the start of 2013 and up until the end of August, one thing has really caught the headlines in the dry bulk market, except of course, the frei ...
Sunday, 08 September 13
Q3 2014 THERMAL COAL SWAPS : STEADY DIRECTION
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery up 1.88 percent month on month. The swap was moved ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Interocean Group of Companies - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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