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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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Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
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