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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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Showing 1201 to 1205 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Parliament of New Zealand
- The University of Queensland
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- White Energy Company Limited
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
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