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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, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
Monday, 24 February 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slo ...
Monday, 24 February 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR DELIVERY APRIL - JUNE 2014 SLIDES TO $ 58.60 PMT
COALspot.com – Indonesia, the world’s the largest exporter of the thermal coal's swaps for delivery April - June 2014 slide week ended ...
Monday, 24 February 14
Q1 2015 DELIVERY COAL SWAP CLOSED AT 2.62% HIGHER THAN Q2 2014 CLOSING SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.68 percent month on month and closed at US$ 76.20 per mt as on Fr ...
Saturday, 22 February 14
SHIPPING POISED TO RALLY AFTER SEVERAL WEEKS OF DROP
COALspot.com: The freight market was steady to firm with the dry bulk index up by 6.24 pct closing at 1,175 points week on week and the cape index w ...
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- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- The University of Queensland
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Aditya Birla Group - India
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