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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, 21 August 13
DRY BULK SHIPPING - POSITIVE WINDOW FOR CAPESIZE OWNERS - PETER SAND
By: Peter Sand, Chief Shipping Analyst, BIMCO
Demand:
“Expect the unexpected from the dry bulk market” was what we wrote last time ar ...
Wednesday, 21 August 13
RATES FOR CAPES MOVED DECISIVELY NORTH THIS WEEK - INTERMODAL
COALspot.com - Right when the BDI seemed ready for another dive below the 1000 points level, the Dry Bulk market made significant comeback this week ...
Tuesday, 20 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS FALL 19.15 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 19.15 per cent week on week to 2.39 million mt f ...
Tuesday, 20 August 13
CAPESIZE RATES MORE SENSITIVE TO DEMAND - COMMODORE RESEARCH & CONSULTANCY
COALspot.com : Approximately 71.50 million tons of iron ore is now stockpiled at Chinese ports, 900,000 tons (-1%) less than a week ago, Commodore R ...
Sunday, 18 August 13
SUB-BIT FOB INDONESIA COAL SWAP : ON POSITIVE DIRECTION ON DAY, WEEK AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 1.83 up month on month. The swap was moved positive ...
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Showing 4156 to 4160 news of total 6871 |
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- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
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