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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, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
Thursday, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
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- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Minerals Council of Australia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
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