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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
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