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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, 04 August 13
COAL SWAP MARKET HAS LOST DIRECTION; STRUGGLING TO CATCH UP
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average October 2013 delivery slightly down on day, week and month on Friday, 2 A ...
Sunday, 04 August 13
INDONESIA TO INDIA SUPRAMAX FREIGHT SOFT DUE TO HOLIDAYS IN INDONESIA - VISTAAR
COALspot.com : The freight market was fairly steady this week with the BDI recovering towards north since second half of the week with the support o ...
Friday, 02 August 13
DRY BULK MARKET STABILIZES ON RENEWED MARKET ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its positive footing this week, although it's still a far cry to deem the market situation as a growing one, especiall ...
Friday, 02 August 13
ASIA ACCOUNTS FOR 27.95 PERCENT OF US COAL EXPORTS IN Q1, 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 01 August 13
CAPESIZE: THE FLOW OF CARGOES REMAINS RELATIVELY STABLE, AND THE PACIFIC IS LOOKING PROMISING - FEARNLEYS AS
Handy
The Pacific market is still facing low activity, so no wonder that the tonnage list is getting longer. It´s still Ramadan and only a fe ...
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- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- PTC India Limited - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
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