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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Eastern Coal Council - USA
- The University of Queensland
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
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