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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, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- The University of Queensland
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
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