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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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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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Showing 1171 to 1175 news of total 6871 |
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- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Central Electricity Authority - India
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