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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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Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
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- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
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