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Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
 The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly diverged from prices and indices for lower-grade coal, such as the Indonesian Coal Index4 (ICI4), since mid-2018. Fitch Ratings has observed the effect of this in the wider discounts in the coal price realisations of rated Indonesian coal miners compared with the Newcastle 6,000kcal index.
The coal that meets the Newcastle 6,000kcal specifications is generally supplied by a few large Australian miners and consumed mainly in Japan and South Korea. In our opinion, the consolidation of producers of Australian thermal coal has allowed tighter control over supply, resulting in its price movement pulling away from the Chinese Qinghuangdao (QHD) 5,500kcal coal price index and ICI4 benchmark. In contrast, the QHD coal price index to a large extent reflects the domestic production, supply and government policies for coal in China and the exchange rate between the yuan and the US dollar. The Newcastle index's decline in the past few months has been slower than that of the QHD index.
Indonesia exports the majority of its coal to China and we expect the QHD index to be a bigger driver of Indonesian low calorific value (CV) coal prices than the more popular Newcastle 6,000kcal index. This is already apparent in the ICI4 index trading at a relatively stable discount of between 50% and 59% since 2015 to the QHD 5,500kcal index, compared to discounts of between 40% and 66% versus the Newcastle 6,000kcal index. The ICI4 index drives the earnings profiles of most Indonesian miners, including the five that are rated by Fitch. The recent weakness in Indonesian coal prices is due to a rise in supply driven by the government's effort to boost its forex reserves and lacklustre domestic demand growth.
Fitch Ratings has factored in the wider spread in its analysis of Indonesian coal companies by using larger discounts to the Newcastle 6000kcal benchmark. Further, Fitch uses mid-cycle commodity price assumptions, given its policy of rating through-the-cycle, which limits the impact of the bigger gap. Our coal price assumptions (Newcastle 600kcal/kg benchmark) used for forecasts are USD79/tonne in 2019, USD77/tonne in 2020 and USD74/tonne thereafter, compared with the current market price of over USD100/tonne. Fitch believes that the bigger discounts of prices for low-to-mid CV coal relative to the Newcastle 6000 kcal price are themselves not likely to affect the credit profiles of Fitch-rated Indonesian coal companies.
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Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
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Showing 1411 to 1415 news of total 6871 |
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- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- White Energy Company Limited
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
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