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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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Tuesday, 06 August 13
UNLEASHING SHALE GAS POTENTIAL AS A GLOBAL ENERGY GAME CHANGER
In its 4th year running, the Annual Shale Gas Conference will bring leaders from North American shale gas operators, key Asian regulators, multi ...
Tuesday, 06 August 13
GBCE APPOINTS BENJAMIN WILEY AS NEW MANAGING DIRECTOR
COALspot.com : GB Clean Energy Ltd. (GBCE) announced today that Mr. Benjamin Wiley has been appointed as Managing Director.
Mr. Wiley has ...
Tuesday, 06 August 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS FALL 23.16 PERCENT ON WEEK TO 2.26 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 15.8 percent week on week to 2.26 million mt for ...
Monday, 05 August 13
PAPERLESS TRADING (ELECTRONIC BILLS OF LADING) - FREQUENTLY ASKED QUESTIONS ("FAQS") - UK P&I CLUB
A number of Members have contacted the Club with queries regarding the use of electronic bills of lading and any potential consequences for P&I ...
Monday, 05 August 13
INDO GOVERNMENT'S DECLARED HBA IN AUGUST '13 FALL TO LOWEST LEVEL SINCE JANUARY '10
COALspot. com - HBA fell to US$ 76.70 this month, the lowest since January 2010. Indonesian Coal Price Reference fell 6.11% and hitting a 2013 ...
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- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
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