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Tuesday, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
 The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year highs thus far in 2015. A combination of sustained weak coal prices and over-supply will continue to challenge the credit profiles of the mining sector, with smaller miners most at risk. This will have a major impact on mining sector-related asset quality at Indonesia's banks, though their credit remains well-buffered by strong capitalisation.
Thermal coal prices have continued to decline amidst weak demand, especially from China, and Fitch does not foresee a near-term catalyst to reverse this downtrend.
The Indonesian benchmark coal reference price has more than halved since its peak in 2011, while falling by 9% year-to-date. As prices fell steadily, miners sought to boost production through to end-2014 to compensate for lower cash margins per unit sold, further exacerbating the downtrend in prices.
This is changing, however, with Indonesia's total production falling by around 20% thus far in 2015. The six largest coal miners, which account for around 60% of Indonesia's total thermal coal production, are mostly maintaining their output. This means that medium- to small-scale miners are finally cutting production or have halted production entirely. A large share of the coal mining-related exposure of Indonesian banks is likely to be to medium- to small-scale miners - given the debt-free operations of some of the largest Indonesian thermal coal miners, and greater reliance on debt capital markets or international banks.
That said, maintaining production at a time of falling prices has not been sufficient to halt a marked decline in revenue and profitability among all of the large miners since FY11, and this downward trend is likely to continue in FY15 and FY16.
The weakening position of mining and related sectors has contributed to deteriorating asset quality for the banking sector as a whole. The latest data for end-May shows NPLs as a percentage of gross loans rising to 2.6% versus 2.2% at end-2014. NPL formation has accelerated: NPL growth had risen to over 33% yoy in April, from 12% during the same period in 2014. Mining and mining-related construction have been among the hardest hit sectors, with NPLs rising to 3.4% for total mining and quarrying, and 5.5% for construction lending.
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
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