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Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
 Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit profiles of Fitch-rated mining firms, which export most of their production, says Fitch Ratings. In any case, our ratings are based on average benchmark price forecasts that are broadly in line with the cap of USD70/tonne imposed until end-2019, and so will not be affected.
The price cap, announced last week and set to apply from mid-March, is part of the government’s strategy to ensure low prices for electricity consumers as it looks to support industrial competitiveness and household disposable incomes. It froze electricity prices charged to industrial consumers earlier in the year, preventing Perusahaan Listrik Negara (PLN), the state-owned monopoly distributor, from passing on rising costs as coal prices were pushed up by an unusually cold Chinese winter. The Indonesian coal price benchmark, Harga Batubara Acuan (HBA), has exceeded USD95/tonne since January 2018, which might have necessitated an increase in government subsidies to PLN if the price cap had not been imposed.
The new regulations will mean coal miners miss out on some of the short-term upside from high prevailing coal prices, to the extent that they sell production to the domestic market. The government sets domestic market obligations for miners to ensure they meet local demand, which prevents them from simply diverting output toward the overseas market.
That said, only around one-fifth of Indonesia’s 461 million tonnes of coal production was sold in the domestic market in 2017, which suggests any loss of revenue will be limited. Indika would be the most affected among our rated coal miners, as around 15% of its volumes are sold to the domestic power sector. GEO Energy, Golden Energy Resources, ABM Investama and PT Toba Bara sell less than 10% of volumes to the domestic power sector. Domestic market obligations are likely to increase over the medium term, as the government looks to contain production and conserve coal resources for local power needs, but a sharp rise next year is unlikely.
Coal firms will therefore continue to receive the market price for the majority of their production. As a result, their financial performance might still exceed our expectations at the start of the year, when we had forecast an average Newcastle benchmark (6000 kcal) price of USD72/tonne in 2018 and USD67/tonne in 2019. The HBA on which the regulations are based broadly reflect Newcastle prices.
The new price regime does not include a floor on prices, and so provides no benefit to the mining firms in the event of a downturn. Prices will continue to fluctuate as before if the market price drops below USD70/tonne.
The price ceiling is unlikely to have any meaningful impact on PLN’s standalone credit profile. We would have expected the government to compensate PLN for losses through subsidies if high coal prices and fixed electricity prices had caused under recoveries. PLN’s IDR of ‘BBB’ is equalised with the sovereign rating due to its very strong government linkages.
Source: Fitch Ratings
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Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
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Showing 1766 to 1770 news of total 6871 |
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- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
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