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Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
 Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing will be most affected if Indonesia strictly implements limits on thermal coal production. The Indonesian Ministry of Energy and Mineral Resources announced its plans to cap Indonesia's total coal output at 397m metric tonnes in 2014 - 6% lower than the 421m tonnes produced in 2013 - in an attempt to ensure Indonesia's long-term energy security and also on the expectation that a lower output may result in higher prices for its coal exports.
The announcement comes amidst some of the larger Indonesian miners announcing 2014 production targets that are up to 10% higher than their production in 2013. Mining companies have been seeking to increase production to partly compensate for substantially reduced dollar margins per tonne of coal following a steep decline in international seaborne thermal coal prices, especially those companies burdened with high debt levels and weak liquidity. For example, PT Bumi Resources Tbk expects to increase production from 74m tonnes in 2012 to about 100m tonnes in 2015.
Fitch understands that the higher production budgets of these miners have yet to be approved by the Ministry of Energy and Mineral Resources. Production caps are not new to Indonesia, although they have not been strictly applied before. How effectively the production caps are implemented, however, remains to be seen. The monitoring and control of production of those miners operating under coal contracts of work (CCOW), which are issued by the federal government, would be easier than that of mines operating under Mining Business Licences (IUPs), which are mostly issued by provincial governments. Indonesia's six largest miners account for about 50% of Indonesia's total coal production. Mines operating under CCOW concessions account for almost 80% of current production.
Fitch does not expect a 5%-10% production cut from 2013 levels to materially impact the credit profiles of miners with low financial leverage, such as PT Adaro Indonesia (BB+/Stable), PT Indo Tambangraya Mehgah Tbk, PT Harum Energy Tbk and PT Kideco Jaya Agung. Also, the operating cash generation of Indonesian coal miners is more sensitive to declines in prices than volumes due to a large variable cost structure. Moreover, the impact of lower output would be partly mitigated if the reduction in coal exports from Indonesia helps support seaborne coal prices. Fitch expects Asian coal markets to remain well supplied and any reduction of coal exports from Indonesia is likely to have only a very limited impact on coal prices, although it may alleviate any further downside pressure on prices. The 24m tonne reduction in production amounts to about 3% of global seaborne thermal coal volumes.
Fitch also says that the proposed production cap will negatively impact the business volumes of mining sub-contractors. An industry-wide coal production cap implemented during a weak price environment would likely lead some coal miners to continue mining at lower strip ratios (in areas that require less removal of overburden) for an extended period to enhance profitability. Apart from the decline in business volumes, the generally fixed prices per unit of overburden/coal extracted and their high operating leverage would render these companies more vulnerable to a reduction in coal volumes than the miners themselves. Over 70% of Indonesian coal mining and overburden removal volumes are done through sub-contracted miners.
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Tuesday, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 18 March 14
NEWCASTLE COAL EXPORT VOLUME FALLS 26.23% WEEK ON WEEK
COALspot.com: In the week ended 17 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 17 March 14
API 8 CFR SOUTH CHINA COAL SWAPS FOR AVERAGE Q2 14 DELIVERIES LOST 2.59% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.59 percent month on month and closed at US$ 74.15 per mt as o ...
Sunday, 16 March 14
BDI DOWN ON LOW CAPESIZE ACTIVITY
COALspot.com: The freight market was slightly soft this week with BDI down by 4.28 pct week on week. The BDI closed at 1,477 points and the cape ...
Friday, 14 March 14
DRY BULK MARKET ENTERS RECOVERY MODE, ON INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has entered and sustained higher ground as of this week, on the back on increased Capesize demand. Although the situation in ...
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- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- PTC India Limited - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Planning Commission, India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- The University of Queensland
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Latin American Coal - Colombia
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