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