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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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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Showing 1431 to 1435 news of total 6871 |
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- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- CNBM International Corporation - China
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
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