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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, 12 August 13
GBCE SUCCESSFUL IN UPGRADING LOW RANK INDONESIAN COAL ON INDUSTRIAL SCALE
COALspot.com : GB Clean Energy Ltd. (GBCE) has annoused that, the company has successfully upgraded 2,426 tonnes of low rank 4,018 kcal NAR Ind ...
Monday, 12 August 13
INDIA - SAFE SHIPMENT OF IRON ORE FINES FROM INDIAN PORTS - WEST OF ENGLAND P&I CLUB
As Members may be aware, in 2009 two ships, the ‘Asian Forest’ and the ‘Black Rose’, capsized and sank following the liquefa ...
Sunday, 11 August 13
INDONESIAN COAL SWAPS : FLAT ON DAY
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery flat on day due to holidays in Indonesia, Malaysia & ...
Sunday, 11 August 13
SUPRAMAX FREIGHT RATES FROM INDONESIA TO INDIA CONTINUED TO BE SOFT - VISTAAR
COALspot.com : The freight market was soft this week with all indices down , the reason could be long weekend holidays in Indonesia, Singapore and M ...
Saturday, 10 August 13
MOODY'S: OUTLOOK FOR US COAL INDUSTRY CHANGES TO STABLE FROM NEGATIVE
Moody's Investors Service has changed its outlook for the US coal industry to stable from negative, the rating agency says in a new report, "U ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
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