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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, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
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Showing 1511 to 1515 news of total 6871 |
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- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
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