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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
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