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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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Tuesday, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
Monday, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
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- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Central Java Power - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
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