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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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Friday, 14 March 14
US, THE WORLD'S SECOND LARGEST COAL PRODUCER MINED 75.3 MMST OF COAL IN FEBRUARY; DOWN 10.88% M-M
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.7 million short tons (mmst) of coal ...
Thursday, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
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- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- The University of Queensland
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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