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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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Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Australian Coal Association
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
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