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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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Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
Friday, 28 February 14
PTBA TO INCREASE ITS COAL TERMINAL'S LOADING CAPACITY TO 25 MILLION TONS PER ANNUM BY JULY 2014
COALspot.com: PT. Bukit Asam (PTBA), the Indonesian government owned coal miner operates several coal mining units in Sumatera as well as in Kaliman ...
Friday, 28 February 14
U.S PRODUCED 1.9% LESS COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from ...
Thursday, 27 February 14
PANAMAX : MARKET CONTINUED TO DECLINE IN THE ATLANTIC
Handy
The Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead b ...
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Showing 3826 to 3830 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Australian Coal Association
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
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