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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
 Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining coal prices. Fitch has revised down its mid-cycle coal-price assumptions, and expects USD80 and USD73 for Qinghuangdao 5,500kcal/kg and Australia Newcastle 6,000kcal/kg thermal coal, respectively, in 2020 (2019E: USD86 and USD77). We expect capex intensity to remain low for the sector; however, acquisitions might pick up in 2020, leading to higher leverage. Profitability is also likely to remain low, in light of weaker coal prices.
Fitch's stable rating outlook reflects the outlook for the majority of our rated entities: PT ABM Investama Tbk (B+) and Geo Energy Resources Limited (B-) are on Negative Outlook, reflecting the entity-specific weaknesses which could be stretched further in the weaker-coal-price scenario.
According to Fitch Ratings, the impact of lower profitability on credit metrics would be partially offset by volume ramp-up by some entities, such as PT Golden Energy Mines Tbk (B+/Stable) and PT Bayan Resources Tbk (BB-/Stable), where both have adequate reserve lives similar to other bigger players such as PT Adaro Energy (BBB-/Stable) and PT Indika Energy Tbk (BB-/Stable). We expect declining reserves to remain an issue for Geo Energy, which might also trigger a put option of its bonds in the absence of any acquisition. ABM's reserve quality is also deteriorating as reserves from its key mine are likely to fully deplete in the next two to three years.
Fitch Ratings further noted that, regulatory risks remain a potential disrupting factor in Indonesia, but Fitch considers any major changes to regulation as an event risk. We believe the two rated coal-miners - Adaro and Indika - which have their Coal Contracts of Work (CCoW) expiring in 2022 and 2023, respectively, will be able to satisfy the conversion guidelines.
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Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
Wednesday, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
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Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
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- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Planning Commission, India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
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