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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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- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- The University of Queensland
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
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