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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, 26 August 13
CARRIAGE OF COAL CARGOES FROM KALIMANTAN, INDONESIA - WEST OF ENGLAND P&I CLUB
The Club has recently been advised by consulting scientists and engineers Dr J H Burgoyne and Partners (International) Limited that the number of in ...
Sunday, 25 August 13
API 8 CFR SOUTH CHINA COAL: HEADING TO NORTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 2.39 up month on month. The swap was moved positive ...
Sunday, 25 August 13
THE FREIGHT MARKET S7 & S8 SECTOR IS EXPECTED TO BE STEADY/FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market continued to be firm with all indices moved positive except for Panamax which was slightly down (2 pct down).
T ...
Friday, 23 August 13
US PRODUCED MORE COAL WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 22 August 13
PANAMAX : PERIOD MARKET IS STILL BEING LED BY STRONGER SENTIMENT IN THE FFA'S - FEARNRESEARCH
Handy
This week started slowly as expected. Indo biz now rate APS around 7k +60k to china and around 8k+80k to India. However, there are some ships ...
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Showing 4151 to 4155 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
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