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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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Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
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