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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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Sunday, 08 September 13
BALTIC INDEX UP ON HIGHER CAPESIZE, PANAMAX RATES
COALspot.com : The freight market continued saw one of the biggest rally last week with Cape Size taking the lead followed by Panamax.
The BDI wa ...
Friday, 06 September 13
DRY BULK MARKET REACHES NEW YEAR-HIGHS ON THE BACK OF INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been on the rise once again, but this time around any new increase of freight rates translates into new year-highs, thus bri ...
Friday, 06 September 13
US PRODUCED APPROXIMATELY 90.80 MMST OF COAL IN AUGUST
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.90 million short tons (mmst) of ...
Thursday, 05 September 13
INDONESIAN COAL EXPORTS UP BY 6.72 PERCENT IN JULY
COALspot.com: Indonesia, the world's largest multi grade coal exporter shipped 35.268* million tons of coal in July 2013. Indonesian coal exp ...
Thursday, 05 September 13
HANDY: NICKEL ORE WAS PUSHING THE FAR EAST MARKET - FEARNLEYS
Handy
Nickel Ore was pushing the Feast market, several ships were fixed from low teens to $14k. Indo/India was still supported by bauxite, while th ...
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- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
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